Only one part-time employee!
Joyce_Dave2125
Member Posts: 4
I have just hired an employee who will be working as part-time casual labour for the next few months. His monthly income will be less than $1800. Can I create a payroll account and an EI account in my chart of accounts? If so, How? As his total income will be less than $10,000 and he is under 18, I do not need to collect income tax or CPP.
Thanks for the help!
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Hey there @Joyce_Dave2125
Your Wave account already comes with the appropriate payroll chart of accounts (CoA) when you sign up for Wave. Essentially you would just need to categorize your expenses to "payroll salary and Wages". You may need to create an EI account in your CoA if you wanted to split the expense transaction so that part of it goes to EI and the rest if Payroll Salary/wages.
Hope this helps but I would definitely recommend confirming this with a professional accountant as well!
Thank you!