Question
How to Reverse old Payroll Transaction and Charge to Dividend Account
Hi,
I have an old payroll transaction that should have been booked to dividends instead of payroll. I want to reverse it and wondering if it's as simple as cancelling cheque and then do a manual entry charging dividend account?
I started with $3000 gross pay with $352.60 income tax and $154.38 CPP deduction. Leaving $2493.02 net pay. As well, there is a employer pension plan liability of $154.38.
None of these payments for income tax nor CPP have been made to government yet.
Thanks,
I have an old payroll transaction that should have been booked to dividends instead of payroll. I want to reverse it and wondering if it's as simple as cancelling cheque and then do a manual entry charging dividend account?
I started with $3000 gross pay with $352.60 income tax and $154.38 CPP deduction. Leaving $2493.02 net pay. As well, there is a employer pension plan liability of $154.38.
None of these payments for income tax nor CPP have been made to government yet.
Thanks,