Manual Payroll Journal Entries
RPI20
Member Posts: 1
We are a small corporation in Canada. Our only employees are owners, so we have no reason to use Wave's payroll service. That said, we would still like to input gross and net pay so that our Wave reports document the differentiation between the two. It would be an added bonus to account for source deductions (tax and CPP only) as well, although not critical. We've searched high and low through payroll support postings here, but no information seems to be available. There are several posts where administrators have linked to an article that supposedly used to explain this... but clicking on the link leads to a now defunct page. Is there a step-by-step journal entry process that can achieve this? We've read lots of people describing hassles deleting incorrect journal entries so we're hesitant to play around with this feature without some clarity beforehand. Seems like this shouldn't be too complicated — just a matter of debiting and crediting the proper accounts. Any insight would be most appreciated.
Comments
Hey @RPI20 !
Wave's Support Specialists are able to provide technical support, but because we aren't accountants, we aren't able to provide accounting advice. While we are able to tell you how to do something in Wave, we aren't able to necessarily tell you the right way of doing it when it comes to the principles of accounting.
I would highly recommend reaching out to a registered CPA to ensure that you don't get incorrect advice on how to do your accounting when it comes to paying the owners of the company in question. We'd also recommend checking out our Fearless Accounting Guide PDF for more information on the basics of accounting!