Question
How can I create a report in Toast Payroll that I can submit to my retirement plan provider?
Answer
Toast Payroll may not be able to accommodate all reporting fields required by your provider. Work with your provider directly to determine what information is required.
Toast Payroll does not assist with retirement plan administration and is not responsible for sending reporting to your provider. All customers are fully responsible for administering this process and their plan.
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In Toast Payroll, navigate to Reports > Custom and select + Add to create a new report.
In the pop-up, name your report (401k Report, for example) and select the Payroll template. This will allow the report to be run based on check date.
Select Save and open the report to begin adding fields to it.
In order to pull employee and employer contributions onto the report, select the Deduction(s) field on the left by selecting the + icon next to it.
This field will pull over to the right side of the page. Select the drop-down menu to the right of the Character field and select all the deductions you'd like to see on this report.
Now select the drop-down menu directly to the right of the previous one and choose the period of the deduction (current pay period, year-to-date (YTD) total, or annual limit).
For illustration purposes
Now you can add any other pay fields you or your retirement plan provider deems necessary. These may include:
Annual/Projected Salary (gross salary)
Deferred Comp Gross (total compensation for the pay period)
Earning(s)
Salary Type
YTD Deferred Compensation (YTD gross earnings)
Providers will also often ask you to include employee demographics on this report, such as:
SSN
Birth Date
Address (use EE Address 1)
Marital Status
Lastly, you or your retirement plan provider may wish to include these other fields on the report:
Check Date
Pay Period Start Date
Payroll End Date (pay period end date)
YTD Hours
Payroll Hours (total hours worked within a pay period)
This content is for informational purposes and is not intended as legal, tax, HR, or any other professional advice. Please contact an attorney or other professional for advice.