What you'll learn

Understand the components of a Canadian Paycheque, and what needs to be tracked, why, and how.
Understand how payroll calculators work in conjunction with TD1 forms and Canadian Tax Brackets
Effectively integrate payroll data into bookkeeping systems, understanding the impact on general ledger accounts and financial reports.
Evaluate and utilize payroll software and services effectively, and understand how to properly input and extract data for accurate financial reporting.
Know what needs to be researched next for a business's specific situations and needs

Requirements

No prerequisites required

Description

Unlock the complexities of Canadian payroll and seamlessly integrate it with your bookkeeping processes. This course provides a thorough understanding of foundational payroll concepts, from how the deductions are calculated to navigating tax regulations and remittances. You'll learn to accurately track payroll totals and manage vacation pay. We'll delve into both manual payroll processing and the use of payroll apps and services, equipping you with practical skills for real-world scenarios. You'll explore how payroll data impacts your general ledger accounts and financial reports, including the intricacies of cash vs. accrual accounting, and the methods of modified cash accounting to increase efficiency without losing accuracy. Included is a "What to Research Next" guide to ensure compliance, and a checklist "Considerations When Choosing a Payroll Software or Services" to assist with making and informed decision when selecting payroll software. This course does not cover unique payroll situations, but it does explain foundational concepts of calculating and tracking wages and payroll source deductions, as well as discussing how they are tracked within the bookkeeping software.This course arms you with the basics of Canadian Payroll, such that you feel more confident in your understanding of how it works, and also you can feel more confident that you are using the most efficient and accurate tools and processes for your business. Being compliant and efficient will save you headaches and money. #NeverGiveCRAmoreMoneyThanYouHaveTo. Seeing how these amounts are reflected in the financials empowers you to make more informed business decisions. #InformationIsPower.

Who this course is for

Business Owners who want to understand how payroll works and how the payroll expense is represented in the financials, DIY Bookkeepers and Office Managers who are asked to wear many hats, New and Junior Bookkeepers, or Newbie Bookkeepers to Canada.
Homepage:

https://www.udemy.com/course/canadian-payroll-basics/