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lindaj
January 2, 2020
Question

Does the system do an automatic post for HST quarterly and if so does it post to a receiver general suspense account?

  • January 2, 2020
  • 3 replies
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3 replies

AndréB12
January 2, 2020

Hey lindaj,

 

The sales tax centre saves a lot of time by using transaction info to automatically generate a tax return. It's great that you already have a solid grasp on how suspense accounts work, because that's exactly how it's done in QuickBooks Online. When a return is marked as filed, QuickBooks will automatically create a journal entry transferring the amount owing (or receivable) from GST/HST Payable to GST/HST Suspense. From there, payments or refunds recorded for that return will be posted against the suspense account. 

 

Due to how important it is to file taxes accurately, you'll be given a chance to review the tax return generate before the entry gets posted. It's just a few simple steps: 

  1. Head to Taxes in your left menu then select Sales Tax (if you don't have payroll it'll default to Sales Tax).
  2. In the To file section, click on Prepare return (if the dates or frequency are incorrect, please follow the next set of steps to update the default).
  3. If needed, modify the dates to represent your filing period. If this is your first return, you'll be able to change the start date. Subsequent returns will automatically select a start date based on the prior filing.
  4. (Optional) I strongly recommend selecting Print at the bottom for your records.
  5. After reviewing the amounts, click Mark as filed. This will post the amount to your HST Suspense account. 

If the tax return defaulted to an incorrect period, you can easily fix this to allows have the correct settings:

  1. Head to Taxes then Sales Tax.
  2. Click on Manage sales tax in the top right corner.
  3. To the right of Add rate, click on the drop-down arrow and select Edit agency settings.
  4. Enter to desired month and filing frequency then click Save.

 

Here are some handy articles with some additional details:

Your accountant is your most valuable partner when filing your taxes, you can easily invite yours as a user so you can work together. To find one in your area, simply head to the My Accountant tab in QuickBooks Online then click on Find a pro to help. 

 

Don't be afraid to reach out anytime and I'll be happy to help.

DwayneCarter
November 14, 2022

Hi there

 

I am taking over the bookkeeping and the previous bookkeeper did not prepare the GST return under the filing tab in taxes.  Instead they just entered a journal entry. QBO is prompting me to file the last tax return( Q3 ) but I need to delete that one since it was done manually.  Should I just file it and reverse the entry or is there a way to delete it.

 

Thanks

 

Dwayne

Jen_D
Jen_D
November 14, 2022

It's great to see you here, @DwayneCarter.

 

I want to help you further with this GST filing concern. Yes, you can delete or reverse the entry, but please be reminded that it will affect previous reconciliations and balances. All you need to do to delete an entry is to click More at the bottom of the transaction, then Delete.

 

I'll be attaching this link about filing taxes in QBO for your guide: File sales tax.

 

Please note that after you mark the return "filed" QuickBooks will create an automated Journal Entry for the GST amount owed for the period. The date will be recorded as the end date of the filing period.

 

Please come back here again if you need further help with the return filings in QBO. I'll be more than happy to help. All the best!

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