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Retroactive pay

robot027robot027 Member Posts: 3

Hi,

I was able to get start a payroll for myself (sole employee of my Incorporated business) but I need to give myself retroactive pay for the past 3 weeks. Is there a way to do that within Wave? I've tried looking in the Help Centre and the Wave Community but can't really seem to find a way to do it. I'm hoping someone here can help me out.

Thanks in advance!

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edited October 23, 2021 in Payroll & Employees Feature Ideas

Comments

  • MikegMikeg Member Posts: 995 ✭✭✭

    @robot027,
    You would be better off running a current payroll with a catch up amount rather then retroactive. Since payroll tax deposits and forms are already filed you would not want to go backwards. This can mean amended payroll filings and penalties for missed tax deposits.

  • robot027robot027 Member Posts: 3

    Thanks for your input, @Mikeg. I appreciate this.

    Would I just add more money to the next payroll(s) to catch up for the missed payments? I can see that I can do that in 'Benefits & Deductions' (Employees) and it takes out the appropriate taxes. I'm guessing this is where I would make those catch-up adjustments?

  • MikegMikeg Member Posts: 995 ✭✭✭

    I would increase the pay by the amount of gross wages that were due. If you have other items such as deductions, I would make one time adjustments to catch those up as well.
    Best of luck

  • robot027robot027 Member Posts: 3

    Ahhh... I see what you're saying. Thanks again for the help, @Mikeg!

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