QB Issue Resolution:
Yes, this is Correct: “The company contributions are also going to the same liability account, however, they are also being expensed as employer contributions.”
There is Nothing to Fix. The company share is Company Expense. The employee share was deducted from Gross Wages, which is Company Expense. It reduced takehome.
“How do I fix this and move the company portion over to the expense side.”
It is Both Expense and Liability on the paycheck, because that is where it Computed and Accrued. The same as Fed UI or company FICA. It Computes as Expense for the company, but it is not yet paid out, so it is Offset and held as Liability. And later, you pay the Payroll Liability, and both parts are on the check to the Broker: employee and employer shares.
Resolution for Issue 'The company contribution portion of my 401k is being recorded twice as a liability and an expense. How do I fix the liability portion?' available: Yes (Solved).
Source: Intuit Community forum.
The company contribution portion of my 401k is being recorded twice as a liability and an expense. How do I fix the liability portion?: this issue or error code is a known issue in Quickbooks Online (QBO) and/or Quickbooks. Support for this issue is available either by self-service or paid support options. Experts are available to resolve your Quickbooks issue to ensure minimal downtime and continue running your business. First try to resolve the issue yourself by looking for a resolution described below. If it is a complex issue or you are unable to solve the issue, you may contact us by clicking here or by using other support options.Support for company contribution
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