Learn how to set up OregonSaves (OR Mandated Retirement Plan) in QuickBooks Desktop with the steps provided below.
Create a Misc Deduction item:
- Add a new payroll item.
- From the Lists menu, select Payroll Item List.
- Select the Payroll Item button, and select New.
- If you're using a US version of QuickBooks Desktop, select the EZ Setup option button, and then select Next.
Select Miscellaneous deduction under Deductions and select Next till finished.
- Edit the Payroll item to have the correct name.
- Go to Lists > Payroll Item List then choose the Miscellaneous deduction just created (double click to edit).
- Change the name of the payroll item to OreSav.
Note: This needs to be named exactly OreSav.
- Select a liability account to track to Chart of Accounts.
- Set the Tax Tracking type to None, so that the amounts do not report on tax forms, then select Next.
- Select the Neither checkbox, select Next.
- Choose to calculate on gross pay, then select Next.
- Select Finish.
- Add the item to the employee's record.
- From the Employees menu on top, choose Employee Center.
- Double-click the employee's name.
- Go to Payroll Info tab.
- Add the item from the drop-down list under Additions, Deductions, and Company Contributions.
- Update amount per paycheck employee is having deducted.
- Run payroll business as usual.
- Run report. Go to Reports > Employees & Payroll > State Mandated Retirement.