How do I set up my payroll transactions?
mattyoung506
Member Posts: 1
I use an alternate payroll service to generate my payroll which works through direct deposit. They automatically deduct from my business account and complete the remitting employer and employee portion to CRA. On wave, the transaction show up of the total withdrawal from my bank account
I pay myself a salary and t4 myself for some LTD benefits by corporation pays for
To properly input my payroll transaction in wave... What do I do?
I have:
Gross wages
Employer cpp and tax
Employee cpp and tax
How would I set this up?
I pay myself a salary and t4 myself for some LTD benefits by corporation pays for
To properly input my payroll transaction in wave... What do I do?
I have:
Gross wages
Employer cpp and tax
Employee cpp and tax
How would I set this up?
0
Comments
@mattyoung506 Noticed this was your first post on Community so welcome!
For full transparency, I am not an accountant so take all this information with a grain of salt. Wave currently sets up our bookkeeping where we create a journal transaction that will debit and credit all of your taxes, wages etc. ; this article goes more into depth about this. For the amounts that are being withdrawn (like the net wages), we classify that to Payroll Liabilities so that if you have your bank withdrawal transaction added, you will use that withdrawal to "zero" out the liabilities.
If there are any Wave Pros who can step in to shed some light on this, that would be awesome !