Since our platform has an integration with your payroll provider, we can take a lot of work off your plate regarding the processing of your payroll files through automation (yay!). This guide will help you set up your integration as well as understand your specific responsibilities for the proper submission of payroll files. Even though your payroll provider is integrated with our platform, all Plan Sponsors have ongoing requirements to make sure the content is correct.
Is my version of Quickbooks compatible with the integration?
Intuit offers several products that have similar names, but not all are covered by this integration. Below is a list of all common product/version names offered by Intuit and their compatibility with the integration 👇
✅ Supported
- QuickBooks Online Payroll
❌ Not Supported
- QuickBooks Desktop*
- Intuit App Center
- Intuit Online Payroll
- QuickBooks Enterprise
- QuickBooks Payroll
- QuickBooks Paycheck
- QuickBooks Payments
- QuickBooks Time
*clients with QuickBooks Desktop can potentially upgrade to Quickbooks Online Payroll - check out this article from Intuit for more information.
How do I initiate my integration setup?
Let your Vestwell Representative know that you'd like to integrate. From there, you will work with our Payroll Integrations Specialist, who will guide you through the rest of the setup process. There may be a few action items for you to complete along the way--prompt completion of these action items is crucial to ensure a timely setup!
Are there any reasons why my plan might not be eligible for an integration?
There are some plan design features that currently prohibit the use of payroll integration, including:
- Eligibility rules that exclude certain classes of employees
- Eligibility rules that exclude certain types of compensation
- Eligibility rules that exclude certain types of hours worked
- Plans that allow after-tax contributions (only be available if your plan uses a Third Party Administrator). Note: After-Tax and Roth contributions are not the same; please see our article “Participant Contribution Types: Differences between Pre-tax, Roth, and After-tax”
If your plan has been amended or if you are considering an amendment to your original plan documents, please inform your Vestwell Representative to understand what actions on your part will be required to submit and process your payroll files correctly.
How does my integration work?
Your integration is a 360° automated integration. This is a two-way integration in which Vestwell will automatically receive certain information about your plan and employees from your payroll system, process employee and employer contributions to the plan, and automatically send your employees’ selected deferral elections from their Vestwell portal to your payroll provider.
Please note, the Quickbooks Online integration will only allow employees to elect deferrals in percentages, dollar amount deferrals will not be an option.
What are my responsibilities if my plan has an active payroll integration?
Our ability to successfully process your payroll files and administer your plan depends on you! It is your responsibility to:
- Loans
- Set up and maintain retirement loans within your payroll system
- Follow the steps below to set up a loan in Quickbooks Online:
- Set up and maintain retirement loans within your payroll system
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- Navigate to the employee’s profile & click on Edit Employee
- Scroll down to Section 4 - Does xxxx have any deductions? (Examples: retirement, health care).
- Click on Add/edit deductions
- Click on Add deduction/contributions
- Under Deduction/contribution type, select Other taxable deductions
- Under Type, select LOAN REPAYMENT
- Under Description, type in Vestwell Integration - 401k Loan Repayment
- Under Employee deduction, put in the appropriate amount for the loan repayment
- Click Save
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- Discretionary and/or Profit-Sharing Contributions
- Set up and maintain non-mandatory company contributions within your payroll system, and upload these contributions through your Vestwell portal using an Off-cycle upload.
- Mandatory Employer Contributions
- Set up and maintain mandatory employer contributions that are on a frequency other than on a per pay period basis using an Off-cycle upload.
- Pay Groups
- Make sure any pay groups in your payroll system are also set up at Vestwell and vice versa. To edit a pay group name or set up new playgroups please see “How to add or change a pay group in your Vestwell account.”
- Employee Status Changes - Payroll System
- Make updates in your payroll system when employees are hired, terminated, or re-hired, etc.
- Employee Personal Information
- Maintain complete, accurate, and up-to-date personal information within your payroll system - including date of birth, social security number, and email address.
- Pay Frequency/Schedule Changes
- Report any pay frequency or pay schedule changes to Vestwell.
- Review Payroll Data
- We rely on you to provide us with correct, updated, and complete data about your employees regardless of whether we receive that data directly from you or from your payroll provider. Regular audits and spot checks of the data provided to us will help you quickly identify and rectify any discrepancies.
What does Vestwell handle for me if my plan has an active payroll integration?
- Payroll Codes
- Set up and maintain certain deduction/earnings codes within your payroll system. Because Vestwell manages the codes, do not change this information unless expressly told to do so by your Vestwell Representative.
- Pre-Tax 401(k) %
- Roth 401(k) %
- Per pay-period Safe Harbor employer contribution
- Set up and maintain certain deduction/earnings codes within your payroll system. Because Vestwell manages the codes, do not change this information unless expressly told to do so by your Vestwell Representative.
- Employee Deferrals - First Payroll
- Four business days prior to your first pay date with Vestwell, we will use the employee deferral rates in the Vestwell portal to set employee elections in your payroll system.
- Employee Deferral Updates
- Ongoing deferral changes made in the Vestwell portal by eligible employees will be set in your payroll system within two business days.
- If your plan has an auto-enrollment feature, the same guidelines above apply.
- Employee Status Changes - Vestwell Portal
- When you add, rehire or terminate employees in your payroll system, the changes will be reflected in the Vestwell portal.
- Processing Contributions
- Process employee deferrals and employer contributions which are maintained by the integration shortly after you run payroll in your payroll system. Even if you process your payroll early, Vestwell will not process the contributions file before the actual pay date.
How do I disconnect my integration?
If you change payroll providers, it is your responsibility to inform us so that we can disconnect your integration and assess whether integration with a different payroll provider is available. Please reach out to your Vestwell Representative, and we will assist you.