Payroll remittance

SUGGESTED

Hi,

How would I record payroll deductions that were withheld from previous year and paid in current year? 

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  • 0
    SUGGESTED

    Hi  ,

    Thanks for reaching out. If you're still seeking guidance, here are some steps and best practices that might help:

    1. Post Transactions to Prior Year: Sage 50 Canada allows posting to the previous fiscal year after starting a new one. To post payroll deductions that were withheld in the previous year but paid in the current year:

      • Change the Transaction Date: You can backdate the transaction to any day within the previous fiscal year.
      • Post Directly: Use the transaction window to post directly.
      • Limitations: You can't do a Payroll Cheque Run in the previous year, so you must issue individual cheques.
    2. Check Pay Period Settings: Ensure that the pay period number was correctly set for all paycheques starting January 1st, to ensure accurate calculations.

    3. Consult an Accountant: For specific accounting advice or tax questions, it's best to consult your accountant or financial advisor.

    If this helps, please mark it as verified :)

    Warm Regards,
    Erzsi

Reply
  • 0
    SUGGESTED

    Hi  ,

    Thanks for reaching out. If you're still seeking guidance, here are some steps and best practices that might help:

    1. Post Transactions to Prior Year: Sage 50 Canada allows posting to the previous fiscal year after starting a new one. To post payroll deductions that were withheld in the previous year but paid in the current year:

      • Change the Transaction Date: You can backdate the transaction to any day within the previous fiscal year.
      • Post Directly: Use the transaction window to post directly.
      • Limitations: You can't do a Payroll Cheque Run in the previous year, so you must issue individual cheques.
    2. Check Pay Period Settings: Ensure that the pay period number was correctly set for all paycheques starting January 1st, to ensure accurate calculations.

    3. Consult an Accountant: For specific accounting advice or tax questions, it's best to consult your accountant or financial advisor.

    If this helps, please mark it as verified :)

    Warm Regards,
    Erzsi

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