WSIB surplus credit - how to enter

WSIB notified me that the entire industry sector (construction) had overpaid on premiums so they have issued a credit on our account - this is not actually a cheque but a balance on their system that any payments can be made against.

My question is how do I enter this into Simply Accounting - I have the "Other Revenue" account but I don't have an expense account to Debit the amount to. Do I need to create an account for this?

Also on a quarterly basis when I do my remittance I will need to make an entry to have the payment come from the credit balance and not from my Payables Account (or do an offsetting entry to move the payment from the Paybles account to the one with with credit balance.

Any help would be appreciated.


Parents Reply Children
No Data