Accountant has reviewed the financial information and advised bonus amounts to be paid to employees / shareholders and has designated specific amounts of taxes to be withheld and remitted to CRA.
The bonus cheque(s) can be processed through timecard entry and system generated cheque(s), or they can be entered as manual cheques.
Create a timecard for the employee and insert the earning code for the bonus on the Earnings/Deductions tab. Enter the full amount of the bonus in the Rate/Amt/Pct field. Go to the Taxes tab and insert the taxes for INCTAX and enter the amount of tax specified by the accountant in the Withholding field. If BCITAX, CPP, or EIR1 apply, enter those amounts also. If there are no withholdings for those taxes, make sure to enter them with a zero value to stop the program from automatically calculating values for them. Save the timecard and calculate the payroll. Print the pre-check register to ensure the amount of the cheque is a it should be. If necessary, make adjustments to the timecard and re-calculate the payroll. Print the cheques as per usual.
Open the Manual Cheques function and enter the employee number. Select to print the cheque, or if the cheque has already been printed manually, do not select this option, but enter the cheque number of the already printed cheque. Insert the earning code for the bonus on the Earnings/Deductions tab. Enter the full amount of the bonus in the Extended Amount field. If the bonus payment is EI Insurable, enter the Hours and Rate/Amt/Pct also. Go to the Taxes tab. All taxes will already be inserted here with zero values. Enter the appropriate amount for each line. Save the manual cheque and Process. Once all cheques have been entered, print the cheques as per usual. If the cheques have already been printed, and are only being recorded - open the Post Manual (ATF) Cheques function to post the transactions.