1 Topic by Marc Paré (edited by Marc Paré 09/22/2015 09:05:45 pm)

  • From: Waterloo Ontario, Canada
  • Registered: 05/10/2015
  • Posts: 19

Topic: Charge HST on Fees and Withholding Pension and Union dues on Same Fees

I wonder if anyone could suggest a way to do this, I manage a music group and pay musicians the following (the following rates are just to illustrate my situation):

$100 + 13%HST (in Canada-Ontario = 5%GST + 8%PST) = $113.00

From the same $100 I also have to withhold 2% in musicians union dues= $2.00 (*this amount is then remitted to the musicians union)
From the same $100 I also have to pay 8.5% pension = $8.50 (*this amount is then remitted to the musicians union pension plan)

Is there a way to set FrontAccounting to do these transactions all at the same time?

I am new to FrontAccounting.

Marc

Marc Paré's Website

2 Reply by apmuthu (edited by apmuthu 09/25/2015 04:26:36 am)

  • From: Singapore, India, Chennai
  • Registered: 05/02/2009
  • Posts: 6,160

Re: Charge HST on Fees and Withholding Pension and Union dues on Same Fees

Have a Salary Account where the $113/- Salary+Taxes of all Musicians are debited and the respective musicians accounts get credited with 89.5% (100-2-8.5) of the salaries whilst 8.5% gets credited to the Pension Plan Account and 2% gets credited to the Musicians Union Account. Also credit the GST payable Account with 5% and credit the PST Payable Account with 8%. All of this can be a single Journal Voucher probably made for each week / month / event.

Unless you have PayRoll module made and customised for your needs (Musicians payout rates, etc), QuickEntries would be a cludge of a substitute, a tad better than making a set of direct SQL executions generated from some spreadsheet (=CONCATENATE("INSERT INTO...) and possibly programmed into a trigger in MySQL. PM me for assistance in implementing the latter.

Raising a Supplier (Govt Body, Pension plans, etc) Invoice for services (withheld tax/deductions) and settlement under normal means would qualify as a Standard Operating Procedure in FA. Recurrent Invoices will need editing amounts....

apmuthu's Website

  • From: Waterloo Ontario, Canada
  • Registered: 05/10/2015
  • Posts: 19

Re: Charge HST on Fees and Withholding Pension and Union dues on Same Fees

Thanks for the explanation on how to do this.

I have PM'd you.

Marc

Marc Paré's Website