Remittance Vendors

When you process payroll, tax and other deductions are withheld from employee paycheques. These payroll deductions are owed to the government tax authorities responsible for collecting them. In Sage 50 Accounting, they are referred to as remittance vendors.

Each remittance vendor will advise you of the reporting period for which amounts must be paid, and will advise you of the date and frequency of remittance payments. For example, you may be required to remit a payment on the 15th day of every month for payroll tax deductions accrued in the prior month. If you've linked the remittance vendor to the appropriate payroll payable account, Sage 50 Accounting keeps track of the amount owing so that you can remit a payment.

To set up a remittance and its remittance vendor in Sage 50 Accounting:

1. Create a vendor record.
2. Set up a payroll deduction or payroll expense in addition to the ones already set up for you.

   Note: If you are starting a new Quebec company, Sage 50 Accounting has already created two QPIP accounts for you: 2212 QPIP Payable and 5425 QPIP Expense.

3. Link a payroll deduction to a payroll liability account. You also need to link a payroll tax to a payroll liability account.
4. Link the remittance vendor to the remittance.