Entrepreneurship & Small Business

Pay (Salary) transactions in Wave Accounting

  • Last Updated:
  • Jan 6th, 2019 4:42 pm
[OP]
Newbie
Jul 4, 2008
56 posts
1 upvote
Mississasuga, ON

Pay (Salary) transactions in Wave Accounting

I haven't purchased the Wave Payroll module as I'm the only employee of my corporation.
Can someone guide me how to create transactions for paying myself the monthly salary?

I'd assume it needs a couple of separate entries for:
- Gross pay
- Employee CPP deduction
- Employee Tax deduction
- Employer's payment of Employee CPP contribution (Previously deducted) to CRA
- Employer's payment of Employee's tax (previously deducted) to CRA
- Employer's payment of Employer's CPP contribution to CRA
- Finally, a net pay payment to the employee from the Business Account.
5 replies
Newbie
Dec 26, 2018
3 posts
1 upvote
See Journal entry example below:

Company Name
Journal Entries
Date:

JE # Name Debit Credit
1 Salary & Wages 5,424.22
Employee Deductions Payable-CPP 198.37
Payroll Withholding Taxes Payable 428.40
Employee Deductions Payable-CPP-Employer 198.37
Employee Deductions Payable-CPP 396.74
Payroll Withholding Taxes Payable 428.40
Payroll Expenses-CPP-Employer Expense 198.37
Net Payroll Cheques 4,797.45
Payroll Remittance 825.14
To record payroll expenses for period ended
Deal Fanatic
User avatar
Nov 18, 2008
6701 posts
1256 upvotes
Mont-Royal
FrancaS27305 wrote:
Dec 27th, 2018 4:19 pm
If you're doing Canadian payroll, the Canada Revenue Agency (CRA) has Payroll Deductions Online Calculator (PDOC). It's FREE.
https://www.canada.ca/en/revenue-agency ... lator.html
do you have the quebec version?
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