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charlottebest89
January 12, 2023
Question

Correcting Multiple Sales Tax Adjustments

  • January 12, 2023
  • 1 reply
  • 0 views

How can I clear out the accumulating balances of HST Collected & ITCs that have resulted from several sales tax adjustments being made over the last 6 months?

 

Scenario: Tax was not filed in QBD since June 2022. When I went back to file the taxes, I saw the generated amounts were different from what was actually filed with the CRA so sales tax adjustments were made. This happened in each month following. And each month, the adjustments needed to match the actual filing with CRA were larger and larger. Now, I am trying to file the sales tax for December in QBD but the amounts on lines 103 and 106 are grossly inaccurate.

 

Example: The actual HST collected for the month of December is approximately 62,000 but the tax agency report is showing HST collected to be 1.2 million (which is the cumulative balance of adjustments over the last 6 months). 

 

If there is anyone who has fixed this problem before, your help now would be greatly appreciated!! 

Please and thank you!! 

1 reply

J
JamesM4
January 12, 2023

Hi there,

 

Welcome to the QuickBooks Community! When it comes to managing your assets, 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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