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Richard J100
January 10, 2024
Question

GST/HST

  • January 10, 2024
  • 1 reply
  • 0 views

I have no revenue for my current reporting financial year hence I have no GST/HST to offset my GST/HST input taxes on expenses incurred during the year. Should Iinclude the GST/HST in my expenses on the P&L by treating these expenses as 0 rated  in the software so that the P&L reflects the correct expense amount?  WHat is the best way to handle this situation? 

1 reply

T
Trish_T
January 10, 2024

Hi Richard J100,

 

Welcome to Community!  I can understand your concern when it comes to missing revenue in your books.  QuickBooks Desktop enables you to set up the sales tax agencies and rates, for accurate calculations in keeping with government guidelines.  For this situation, I recommend reaching out to an accounting professional for their expertise and best course of action, to ensure a positive outcome.  If you don't have an accountant, we can help you locate a ProAdvisor in your local area.

 

If you have any other questions, feel free to reach back out.  We would be glad to help!

 

 

 

 

 

 

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