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Record owner salary and remittances
On an incorporated book you can record what you paid yourself, so the deductions and T4 totals are ready at year-end:
- Go to Ledger › Accounting › Payroll.
- On the Owner salary card, choose the shareholder and pay date, and enter the Gross pay, income tax, CPP, and EI amounts. Set Net paid by to your bank or a shareholder loan, then Record pay run.
- When you send the deductions to the CRA, use Remit selected to record the remittance.
Talisk books the pay run and accrues the source deductions until you remit them, and T4-prep totals roll up per shareholder for the year. It records the figures you enter (it never computes withholding) so use the CRA's calculator or your payroll provider for the numbers. There's also a 3rd-party payroll payment card for capturing a provider's run. Running payroll and filing stay with your provider and accountant.
Good to know: Owner salary is for incorporated books only, and Talisk records the amounts you
enter: it never calculates tax or withholding, so take the figures from the
CRA calculator or your provider. It's record-keeping, not a payroll run; your
accountant still files.