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kbe123
May 13, 2020
Question

10% Wage subsidy - specific entry question

  • May 13, 2020
  • 1 reply
  • 0 views

Hello

 

I have ready through many of the posts about this topic, but haven't been able to find an answer.

I use an outside payroll company (not QB) and they remit our deductions.

 

I record our payroll through a journal entry (please see attached).

I'm not able to figure out what lines to add to the entry to reflect the 10% subsidy.

I've also attached the summary from the payroll company.

1 reply

AddieC
AddieC
May 13, 2020

Hi there, 

 

Like all businesses at the moment, there's new things happening every day that can impact how you'll navigate your bookkeeping. It's important that when you're recording something such as the wage subsidy for payroll, that your entries are reflected with accuracy. I'd be happy to point you in the right direction for help with this.

 

Since you're using an outside payroll program and recording your payroll expenses via a journal entry, it's best to consult an accountant for help with recording your line items. Journal entries can be tricky, especially when using them to record new and unfamiliar information such as the 10% wage subsidy. 

 

If you're not yet connected to an accountant, you can find one in your area here: Find a ProAdvisor. 

 

The most important thing is that your bookkeeping is correct and up to proper accounting standards. I'm confident that with an accountant's help, you'll be back on track in no time. 

Cheers.

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