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I am needing to enter in employee cpp and taxes paid to the CRA that were in arrears. How do I enter the bulk payment? Do I need to split the amounts up over the course of the months that were in arrears.
Good morning Natasha!
The answer to this is a little difficult, since we don't have all the information about your situation. Generally, I would say expense the payment by creating an expense account called "Source Deductions - arrears". You can split it into types if you want to, but it isn't really necessary.
The issue I have with giving you a really good answer is that I don't know what caused the arrears. Was it an assessment by CRA, or did you have to adjust employee deductions historically, causing an amended T4 return? The answer isn't quite as clear cut without knowing that part of the puzzle.
If it was simply that CRA assessed this amount, I would stick with my general answer. Otherwise, you may want to give us a quick call, since the answer at that point becomes more of a case of adjusting payroll in the proper period.
I hope this helps you a little bit at least! Thanks!