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February 13, 2024
Question

If I have to revise the HST Exception amount in the HST report, how do I reduce the sales only in the report. It does not agree with reports?

  • February 13, 2024
  • 1 reply
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1 reply

February 13, 2024

Hello Mae,

 

Welcome to the Community!   QuickBooks Online is a great program that provides the ability to track sales tax effortlessly, to ensure accurate calculations when it's time to file.  Adjustments can be applied, as necessary so your reports are accurate and your books are balanced.  I would be glad to assist!

 

When you enter a sales tax adjustment, QuickBooks Online automatically adds a general journal entry showing the adjustment. The next time you file, it's included in the File Sales Tax window, on the sales tax line that you chose for the adjustment.  You will also see it as a general journal entry on the GST/HST Detail report.

 

Follow these steps to adjust the sales tax;

 

1. From the left menu, open Taxes, then Sales tax

2. Open the Filings tab and select Prepare return 

3. Select the Adjust link on the far right of the line you need to adjust

4. Enter the amount of tax (to reduce the line, enter a negative number).

5. Choose your adjustment account 

This may be an income account for tax credits, or if your Tax Payable account is correct, you can select the Payable account to adjust the return without affecting your Chart of Accounts.
Note: We recommend consulting an accounting professional if you're unsure.

6. Hit Save

You're all set!

 

Feel free to reach out again, if you have any other questions.  We would be happy to help!