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MichelleH

Assigning CRA Remittances for Employee Benefits to proper Accounts

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Hi,

I am clearing my bank transactions and have a question regarding my CRA Remittances for employee benefits.  Specifically, I have  a single transaction that includes EI, CPP and tax deductions.  I split the transaction to break it down into each different account:

1.  Employee CPP Contribution

2.  Employer CPP Contribution

3.  Employee EI Contribution

4.  Employer EI Contribution

5.  Tax Deductions

The first four are a non-issue.  The "Tax Deductions" is where I am unsure of the proper account to assign the remittance amount to.  Is someone able to tell me if the proper sage account is "Income Tax Expenses" (account 6450 in my chart of accounts corresponding to GIFI Code 9990)?

Thanks,

Michelle

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    Hi ErzsI_I,

    Thank you so much for the help below.  I am still working on a solution to my question above and was wondering if you could provide further insight:

    I signed up for Sage Payroll and it is very helpful as it "auto populates" the correct account for each of the above remittance accounts.  I am still trying to clear banking transactions that occurred prior to this.  Sage payroll indicates that the proper account for Tax deductions is one that is only available (Visible) for Journal entries.  Is there a work around for this (so that I can clear the bank transaction for these payroll remittances) or do I have to create a journal entry for each one and then "match" the transaction?  It seems like a lot of extra work when only 1 of the 5 accounts aren't visible.  

    Thank,

    Michelle

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  • 0

    Hi ErzsI_I,

    Thank you so much for the help below.  I am still working on a solution to my question above and was wondering if you could provide further insight:

    I signed up for Sage Payroll and it is very helpful as it "auto populates" the correct account for each of the above remittance accounts.  I am still trying to clear banking transactions that occurred prior to this.  Sage payroll indicates that the proper account for Tax deductions is one that is only available (Visible) for Journal entries.  Is there a work around for this (so that I can clear the bank transaction for these payroll remittances) or do I have to create a journal entry for each one and then "match" the transaction?  It seems like a lot of extra work when only 1 of the 5 accounts aren't visible.  

    Thank,

    Michelle

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