Liability for Outstanding CRA Payment
Stacey_Zoey
Member Posts: 1
I am trying to figure out how to enter the outstanding amount I owe for payroll remittances in my transactions so they appear correctly on my balance sheet. They are paid in 2019 but accrued from 2018. Any advice or suggestions?
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Hey @Stacey_Zoey. I just thought I would confirm with you -- are you currently using Payroll by Wave? If so, this help centre article should point you in the right direction as to how this would be accounted for; https://support.waveapps.com/hc/en-us/articles/115005714406-Payroll-by-Wave-All-about-the-bookkeeping -- if not, essentially you will need to create a starting balance for the Payroll Liabilities account that's created in Wave and then make sure (once paid) the expense transaction is categorized with this so the liability account is decreased; https://support.waveapps.com/hc/en-us/articles/208622796-Starting-balances-What-they-are-and-how-to-enter-them-in-Wave