Times are rapidly changing for small business owners across the country in these uncertain times. I know how important it is for you to keep up with these evolving circumstances so you can maintain your books. It's our goal to provide resources to help you through this.
The new Canada Emergency Wage Subsidy (75%) will become available for applications on April 27th, 2020. As of today, we haven't released an article outlining steps for entering this into QBO, but I'd encourage you to review the articles outlined on the CRA website.
This article will outline subsidies, as well as other support news for employers.
I'd also recommend looking into our Webinar resources, such as the one here: An Overview of the 75% Canada Emergency Wage Subsidy and Canada Emergency Response Benefit.
I hope this helps get you started. If you have any other questions, please don't hesitate to reach out to our tech support team.
Maybe I am over simplifying this… but what do you guys think of the below journal entry to balance the Emergency Wage Subsidy received?
Step 1: I created another account using similar steps for the 10% Temporary Wage Subsidy under “OTHER INCOME”, and I called it “Canada Emergency Wage Subsidy”. If you are unsure of the steps for that, please see this link (https://quickbooks.intuit.com/learn-support/en-ca/covid-19/temporary-wage-subsidy-for-employers/01/5...)
Step 2: Add below Journal Entry for the subsidy received:
Bank account Name (short term asset) $XYZ
Canada Emergency Wage Subsidy $XYZ
I don’t think we should touch the payroll expense section. Although the subsidy is a credit / refund to payroll already issued and paid, if we reduce the payroll expense instead, it will cause the record not match to what has been submitted to CRA?
Hi MBSIMolly. Thanks for your contribution in the thread. If you're not sure about the method you've shared above, the best way to get advice on this is to consult with your accountant.
If you're not yet connected to an accountant, you can find one in your area here: Find a ProAdvisor.
Hey there,Thanks for letting us know that the wage subsidy deposit was missing from the webinar, I'll be sure to let our team know. I'd be happy to provide you information on getting this entered into your QuickBooks Online.
To enter the wage subsidy into your books you can follow the steps in this article. Just go to where it says Temporary Wage Subsidy for Employers.
Have a great night!
The information that provided was directed towards the 10% wage subsidy and how to enter it in QuickBooks.
If you are looking to enter the 75%, then you'll need to get in contact with your accountant on how to enter that as it is done outside of payroll. If you don't have an accountant you can access this link to our find an accountant page to see ones available in your area.
Have a good night