Setting up a Penfold Pension in QuickBooks
👉 Tip: You'll need the 'Provider reference' a unique code assigned by Penfold to each employer. Typically, it starts with PEN followed by the Company Number, and is also known as EmployerID. You can find it on the dashboard 👇
Step 1. Access workplace pensions in Standard Payroll
In QuickBooks, go to Payroll.
Select Overview
You can also access pension settings through your account and settings. To do so:
Select the gear icon ⚙️, and then Account and settings.
Select the Payroll tab.
Step 2. Set up a pension scheme
Select the Pencil icon✏️ next to Pension schemes.
Select Add pension.
Select Other from the dropdown list.
Enter the following details:
Pension name | Penfold |
Provider reference number | A unique code assigned by Penfold to the employer. Typically, it starts with PEN followed by your Company Number, and is also known as EmployerID. |
Group name | Leave blank |
Use earnings threshold | Leave unselected |
Taxation method | Salary Sacrifice - Select if you're offering Salary Sacrifice with this scheme.
Relief at Source - Alternatively, select 'Basic relief at Source' and then 'Reduce by Basic Rate Tax option' to Yes. |
Employee and Employer contribution rates | You can customise the Employer contribution amount. |
Select Save pension.
You can choose the pensionable pay types you want to include in the pension earnings. These are the earnings selected during your set up with the pension provider.
How do I set QuickBooks up to produce the right data?
Great news - this is automatic. When you run payroll, QuickBooks will automatically produce several pension file templates which can be easily dragged and dropped into the Penfold Platform to process both enrolments and contributions.
👉 Tip: You can use the Scottish Widows or The People's Pension templates to process contributions in Penfold; just confirm the EmployerID and Pay Period when you upload your file.