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labaronessmtl
April 2, 2022
Question

GST/PST FILING

  • April 2, 2022
  • 1 reply
  • 0 views

Hello all,  Seeking some help here.  Sorry if this is long but wanted to provide all the details in the hopes that someone will come to my rescue... Although our company makes its GST/PST payments on time, there are many receipts that are found later and thus entered in a tax period that has already been filed.  At the time of the bank reconciliation, the report is run again and of course because of the subsequent posting of receipts, the report does not balance with the original report.  For example, the original report for the period of Jan. - March 2021 read that the taxes owing were $3481.00.  However when I reran the report again to post the payment when doing the bank reconciliation, that amount due had now dropped down to $3198.16.  The same thing happened for the  subsequent period of April 1 - June 30, 2021.  Original report read $3683.37 but the subsequent report read the taxes due were now $3423.80.  I am now at the point whereby I must register the payment for the July 1, 2021 to Sept. 30, 2021.  This time I went in and changed the amounts under the "adjust" tab to coincide with the original report.  In hindsight, I am thinking this was probably not the most accurate thing I should have done and I will probably go in and "undo filing".  All this being said, how do I go in and show the approximately $542.70 we have thus far overpaid to CRA/Rev. Quebec.  Any help/guidance would be greatly appreciated.  Thank you.  

1 reply

Jen_D
Jen_D
April 2, 2022

Thanks for reaching out to us, @labaronessmtl.

 

We're here to ensure you're able to account for your sales tax overpayment in QuickBooks Online.

 

You can record the overpayment through a sales tax adjustment. Then, you can apply it to reduce your liability to be paid for a specific period. Here's how:

 

  1. In the Taxes menu, select Sales tax.
  2. Choose the tax period you need to adjust, then select Prepare return.
  3. Click Adjust against the entry to be adjusted.
  4. Add an Adjustment date and Tax rate.
  5. Select the Adjustment account for adjusting sales tax. Choose an income account if you need to decrease the tax due.
  6. Input the Adjustment amount.
  7. Fill out the notes in Memo, then select Save.

 

For the complete details about using Sales Tax, see the following link: Create or delete a sales tax adjustment.

 

Post here anytime for additional questions or concerns. I'll be right here to help you out. Have a good one!

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