Overpayment of source deduction

Posted By volturno over 5 years ago

I received a cheque from the MRQ for a reimbursement of $236.04 regarding deductions at source (Taxes, RRQ, FSS, RQAP) for the 2018 tax year. I guess I overpaid them. My fiscal year is June 1st to May 31st.

How do I enter this in Simply Accounting? What entry do I make?

Do I need to create a specific account to record this overpayment?

Should it be a general entry like this one below?

dr cash

cr overpayment of source deductions

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0 Gayleeliza over 5 years ago

I have a similar problem; The FSSQ (QHSF) rate changed and I only noticed it after making a couple of paychecks. Because of this difference, I overpaid and received a check from the government. Since my books balance, due to the error, I'm not sure where to put the credit. I don't think it should go in any of the source deduction accounts.

Also, on the same wave length; does anyone have an idea of why my amount payable, again FSSQ, changed from 23.68 (dec 31st) to 21.65$ on January 1st? Because of this, my payment no longer balances. As you can see, I'm quite behind in my accounting...lol!
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0 Gayleeliza over 5 years ago

I have a similar problem; The FSSQ (QHSF) rate changed and I only noticed it after making a couple of paychecks. Because of this difference, I overpaid and received a check from the government. Since my books balance, due to the error, I'm not sure where to put the credit. I don't think it should go in any of the source deduction accounts.

Also, on the same wave length; does anyone have an idea of why my amount payable, again FSSQ, changed from 23.68 (dec 31st) to 21.65$ on January 1st? Because of this, my payment no longer balances. As you can see, I'm quite behind in my accounting...lol!
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Overpayment of source deduction

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