Canada Business End-of-Year Tax Statement (T4) generation.

[Cam Ellison]

On 02/04/14 10:09 PM, Damon Erickson wrote:
> Just to be clear, this is the payroll split template I have created. 
> The values here are totally made up and do not reflect actual Canadian 
> taxes.  This transaction is entered into the checking account.
>
> Gross Pay        Payroll Expenses    C$975.00
> CPP Employer - Expense    Expenses:CPP        C$50.00
> EI Employer - Expense    Expenses:EI        C$60.00
> Provincial Tax Witheld    Liabilities:FedTax            C$32.00
> Federal Tax Witheld    Liabilities:OntTax            C$27.00
> CPP Witheld        Liabilities:CPP                C$38.00
> EI Witheld        Liabilities:EI                C$53.00
> CPP Employer        Liabilities:CPP                C$50.00
> EI Employer        Liabilities:EI                C$60.00
> Net Pay            Assets:Checking                C$825.00
>
>
> I just don't understand how later I'm going to be able to distinguish 
> which EI Employer transactions are for this particular employee unless 
> I create a separate sub-account for this employee.
You could put the employee's name in the Description field, and sort on 
that.  However, with only 2 employees, your best bet may be to create 
subaccounts for each employee.  Unless you have a serious turnover 
problem, this is unlikely to get too complicated.

I have a limited company, and at one time my then-wife was on the 
payroll, and briefly one of our children.  It was easiest to create 
subaccounts for each of us and sort according to Description.  It was 
necessary to collect IT and CPP, but of course not EI because we owned 
the company, so a little simpler than your situation.

Hope this helps some,

Cam