by Mona Lisa
(Vancouver)
We had unremitted source deductions at year end. After rolling payroll records over to the new year I posted the arrears amount owing to Accounts Payable.
Revenue Canada issued a subsequent statement with penalties and interest. I am aware CRA doesn't allow these charges to be expensed (penalties and interest exp. acct).
Where do I charge this to? If I post it to income tax payable then the current months remittances are not accurate on the balance sheet. Do I need to create a new liability account?
Comments for Posting CRA Penalties and Interest
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