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16419: 401(k) Plan Setup (DAS)


Employees

Drake Accounting®: How do I set up a 401(k) plan?

 

To set up a 401(k) plan in Drake Accounting®, you will need to create a deduction (employee portion) and complete the Employer 401(k) Match Options under Employees > Options if applicable.

To set up the employee portion, create the deduction using the following steps:

  1. Select the Employees menu, Deductions & Benefits, then select  the Deductions tab.
  2. Select the new button ().
  3. Enter the Deduction Name and Account.
  4. Enter the applicable AmountCeiling, and State.
  5. In the Based On section, select Dollars/Cents or Percent from the droplist.
  6. Select the applicable options in the Deduct After TaxExempt FromApply ToW-2 Box 12, and WH. Code sections.
  7. Select Save.

To set up the employer matching portion, follow the steps below:

  1. Select the Employees menu, then select Options.
  2. Enter the applicable percentages and limits in the Employer 401(k) Match Options section.  For further information on the Employee Options screen, see Related Links below.

Note: The employer match will not be shown on the check or stub.  This information will only be seen in Transactions and the 401(k) Listing report.

 


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