Correct Procedure For Entering Remittance To Receiver General For Payroll
What are the correct accounts for remitting EI, CPP and Tax. Employees EI is $49.13, Employers EI portion is $68.78. Employees CPP is $62.78, same for Employers portion. Tax is $40.00. Are there both liability accounts and expense accounts that should be posted to?
How to correct a prior year entry after the books and software year has been closed?
Yearly escrow fees for a rental condo are booked into a current asset acct. At year end the actual taxes paid from the escrow acct are reclassed to an expense acct - Property Taxes. In 2009 we failed to reclass the taxes paid to the exepnse acct. Our accounting software will not allow us to go back into a prior year once the year has been closed. Is it possible to correct the entry in 2010(2010 is still open on our books) using a susepnse acct or something?