Employer Matching doesn't work RRS feed

  • Question

  • I am trying to setup contributions to my retirement account. I have created 401k account that has Employer Matching turned on as well as a Paycheck that has all the deductions including a before tax deduction (my contribution) that goes into my retirement account every time the paycheck is recorder. However, employer matching is not recorded. If I simply add a line in the Wages tab of the Paycheck for employer contribution (as suggested in the Help file), this will go into my checking account and not into retirement account. How to get Money to automatically record employer contribution to my retirement account?
    Sunday, February 3, 2013 4:58 PM

All replies

  • Probably the simplest way to do this is to create a separate scheduled transaction that deposits your employer's contribution into your retirement account.  That has the advantage of reflecting what is what is actually happening.  Then, when you enter each paycheck, also enter the corresponding employer matching.

    Bill Becker

    Sunday, February 3, 2013 5:57 PM
  • Thanks and I was thinking of doing the same as a workaround. It's just that I was under impression that Money should be able to do this automatically i.e. what is the purpose of Employee Matching option in account settings of a 401k account?
    Sunday, February 3, 2013 6:05 PM