There are a few ways we can record these expenses in QuickBooks Online, depending on whether or not you're using one of our Payroll offerings. Either way, QuickBooks makes this a straightforward process and I'm happy to explain how you can do it!
If you've made the excellent choice to use QuickBooks Online Payroll (formerly Standard Payroll) to pay your employees, you can record those source deductions through the Payroll Tax Centre. To Make payroll tax payments, please follow the steps below:
Select Taxes from the left menu, then Payroll Tax.
Choose Pay Taxes. You'll see a table with your current unpaid taxes.
Select Record Payment for the tax you want to pay.
Indicate a payment date and add a Note to indicate the payment method if you wish.
Once complete, select Record payment from the dropdown at the bottom.
When using QuickBooks Online Advanced Payroll, the program is set up to automatically remit source deductions to the CRA. This feature makes your life a little easier because it means one less step for you to think about. If you don't have the payroll tax auto-remittance feature turned on, however, follow the directions below to record your source deductions as a Cheque or Expense. It's important to note that if you've been using Advanced Payroll, your payroll will be managed end-to-end directly by Wagepoint starting on November 27.
If you're not running Payroll with QuickBooks yet, or if you've turned off the auto-remittance feature in Advanced Payroll, you can record your source deductions as an Expense or Cheque. I suggest creating the CRA as a Supplier from the Expenses tab, as you mentioned. Create a new Expense or Cheque from the + New button and enter the CRA as the Payee. You can add an account to your Chart of Accounts to represent your Payroll Expenses, and use that account as the Category when creating the Expense. If breaking the source deductions down would be helpful for you or your accountant at a later date, then you're welcome to do that, but it's a personal preference. Consult with your accountant on this if you're not certain what would be best for your business.
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