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D
davmon
April 26, 2020
Question

How do I enter the 75% Canada Emergency Wage Subsidy in QBO

  • April 26, 2020
  • 1 reply
  • 3 views
No text available

1 reply

AddieC
AddieC
Level 5
April 27, 2020

Hi there, 

 

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.

 

Cheers. 

H
hash
May 12, 2020

Is there any update on this now considering the funds are starting to roll in?

    M
    MBSIMolly
    May 15, 2020

    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/01/516529#M66)

     

    Step 2: Add below Journal Entry for the subsidy received:

                                                                            Debit                   Credit

    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?

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