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Elimy1224
January 15, 2023
Question

Miscalculation

  • January 15, 2023
  • 1 reply
  • 0 views

My husband started a small business and made a few mistakes on the first invoices he completed. I will try to include an example below of the issues while adding taxes, etc. 

 

Subtotal: 180$

GST (8%) : 14.04 (*Should be 14.40)

PST (5%): 9.00

Total: 203.04 (*Should be 203.40) 

 

Essentially he incorrectly wrote down 40 cents. I don't plan on chasing the customer down to get the extra 36 cents, however I am not sure how to adjust this in quickbooks. 

We need to pay 13% of what we received, which was 203.04. I can either adjust the invoice to match (reduce the 180$ to 179.68) but that forces me to adjust the paper copy to match. 

 

My other thought was to allow QuickBooks to calculate the tax properly for the invoice - to 203.40, and then immediately use a credit memo to remove the correct portion. (32 cents with HST@13% = 0.36$). 

 

I've shown my husband the error so he is aware and won't make it again, but in the meantime I am not sure how to do this the best way. 

 

1 reply

J
JamesM4
January 16, 2023

Hi there,

 

Welcome to the QuickBooks Community! When it comes to managing your books, QuickBooks is the go-to program that enables you to manage your work with peace of mind. I'll be happy to share more info so you're on the right track with your work. 

 

In order to accurately record your transactions, I highly recommend consulting an accounting professional for expert advice. This ensures your books remain accurate while you continue to manage your work with peace of mind. You can also get in touch with a professional using this link here. Other accounting professionals are able to see this post in the Community and this will allow them to chime in. 

 

Let me know if this info helps. Otherwise, you're more than welcome to ask other questions in the comments below.

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