Retroactively add taxable benefits

Question

Hi Sage 50 community! 
 I'm our preparing our company's T4s for 2014 and haven't been tracking the taxable benefits through the Payroll module for the whole year. There are at least two taxable benefits paid 100% by the employer that I know are pensionable and taxable to the employees; transit passes and life insurance premiums. 
 I have calculated the amounts to be added for the year for each employee, but I can't figure out if there is a way to manually enter them so that they are added to box 14 and 40 on the T4s. Is there a way to do this retroactively? 
 Thanks!

Smith and Co · Accepted Answer

OK - I'm assuming that all the employees have been paid their final chq for the 2014 year and you did not include the taxable benefit that SHOULD have been on their paychqs all along for 2014. 
 And likely you have already paid the Dec/14 remittances that would have been due by Jan15/15. 
 So now you need to correct their 2014 earnings before doing the T4s. 
 Pull up the payroll chq in the payroll module, enter the employee's name, enter chq nbr as TaxBenAdjust 
 and enter the date as Dec31/14. 
 Now on the payroll chq you are on the 'Income' tab and on the right side it says 'Other Amounts' and that includes Advances, Loans, and Benefit. 
 In the benefit section enter in the 'This Period' column the total benefit for the year 2014. You will now see that the payroll chq amount is a negative number. 
 Click on the 'Taxes' tab and you will see where the CPP, EI, and income tax likely have amounts in them. 
 You cannot change CPP or EI - they need to stay as whatever the amount they are showing. 
 So take the Tax amount and subtract the total of the Net Pay from it so that the paychq now says Net Pay of nil (zero). If the tax says 20.00 and your net pay says -37.53 then change income tax to read -17.53 (a negative amt). 
 Now you can post that and the earnings will be correct for the T4s. 
 Hope this helps.

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