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June 3, 2024
Question

I have reduced ei but the program does not calculate that. Therefor I have a credit. How do I apply the credit to my next payroll tax filing?

  • June 3, 2024
  • 1 reply
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I have manually recorded a payment to federal taxes and it is showing as overpaid.  When I go to file my current payroll taxes, there is nowhere to take the credit into account.

1 reply

June 3, 2024

Welcome to Community Ariant Holdings Ltd! 

 

Recording your Payroll Tax payments accurately in QuickBooks Online, is essential in keeping with government guidelines.  When an overpayment occurs, the Canada Revenue Agency will provide you with a credit notice.  QuickBooks Online Payroll enables you to resolve the overpayment, so your reports and tax forms are accurate.  I'd be glad to help!

 

Here's how to resolve the overpayment in QuickBooks; 

 

1. From the left menu, go to Taxes and select Payroll tax

2. Select Pay in the Action column

3. Review the breakdown in the Federal Taxes section and hit Record payment  

Note; Overpayments appear as negative amounts.

 

Should you require additional assistance, please reach out to an accounting professional.  They'll be able to provide their expertise and best course of action.  If you don't have an accountant, we can help you locate a ProAdvisor in our local area.

 

Feel free to reach back out, if you have any other questions.  We'd be happy to assist!