USA Benefits / Ledger Relationship

[brookkraj]

Hi All,

I am going to be vague here so I apologize if I do not give enough information.

Basically every week our HR department makes some sort of 401(k) related adjustment. For example a participant who took out a loan receives money back because they already paid the loan off the prior week and due to a timing difference we did not catch this in time.

Here is the question. Payroll has already processed the transaction before the adjustment is made. HR then gives the adjustment to payroll and they process it. However it is not showing up on ledger in the liability section.

So I am guessing that instead of reversing the liab. payroll is going straight to the expense and cash... does this make any sense?

I just want to determine why our adjustments are not showing up in the liab account.

I apologize is this is not enough info.

Thanks.
Brook

 

[kirby]

Sounds like some payroll/401k entries are made by HR and some by accounting. Always leads to a fun time for all. Suggestion is mgmt should decide to have all 401k entries made by either HR OR Acctg. I realize some HR dpartments treat their info as more secret than the Manhattan Project but if they take a little time to redact some info then Acctg can use that info and make all the entries.