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How do I post an entry for casual labour? I need to post the full amount of the labour to the expense account but the amount of the cheque is the amount after deductions. The deductions will not be remitted in the same month that the pay cheque is issued because we only remit quarterly. How do I balance my bank?
Hi Karen, You can either enter that through the payroll system or if you would rather do payroll manually then you will need to enter the Employee's net pay cheque against your labour expense account. Withdrawal, one expense line for the net pay. Then when the quarter is up you will need to enter the CRA remittance. All deductions held back off of the employee paycheque will be entered as labour expense for you but you will also need to record up to two additional expense lines for CPP Employer Expense and EI Employer Expense.
Let's say we have a paycheque for $100.00 - off of that was deducted $5.00 Income Tax, 3.00 CPP and 2.00 EI - Net cheque $90.00. Here are your entry screens. https://uploads.disquscdn.c... https://uploads.disquscdn.c...