How do I add a 401(K) Employer Match?
1. To add an Employer match to an employee’s 401k, first make sure you have the 401(k) deduction code set in their deductions. To see the step by step guide for how to add an employee deduction, click here. After you have your employee’s 401k deduction added, proceed with entering the Employer 401k Match Memo.
2. Begin by clicking on your employee tab.
3. From here, you will select the employee you need to add the employer match to from your employee list.
4. Then, click the “Additional Fields” sub tab.
5. Click the “Add New Memo” button, and you will see the text fields appear. The way your 401k is programmed will determine which option you use.
If the same match is set for all employees and you already have this match amount set up with Journey, you will see there is an “ER 401K Match” option when you click the drop down under “Memo.”
After you click “ER 401k Match,” you will see the rest of the text fields auto-populate. Finally, click “save” to add the memo.
Note: Your Amount will show as “0.00” because the calculation is already added into Journey’s system. Do not change this 0.00 amount because it will cause an incorrect calculation for the match.
You will use a different method than the one outlined above if you do not have an employer match already set up with Journey, or if employees get different match amounts. First, click the drop down menu under the “Menu Calc.” section and select the option “Percent of Gross.”
Next, under the “Amount” section, you will enter the percentage amount as a decimal. The 0.0000 will stay in the text field, so just begin typing over it to update the amount. Enter the percentage as a decimal, once entered, it will convert to the correct percentage.
Example: If I am entering 3%, I will enter it as 0.0300.
Finally, enter the Memo name under “Memo” and click “save.” After you click “save,” your 401k Match Memo will appear.
If you do not have any of the codes outlined in “How do I add a deduction in PPx?” or in the above process, please reach out to your Payroll Specialist at Journey to have that code added for you. Your Payroll Specialist can double-check the setup if you are concerned about your deduction or memo!