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R
Ramonde
August 22, 2023
Question

Duplicate GST Input Credit

  • August 22, 2023
  • 1 reply
  • 0 views

In error, I entered a bill in two different ways and need to decide best way to fix.

 

Entry #1 - done in previous quarter so GST input was processed with my last remittance.  I entered it as a bill, and also entered that the bill was paid from my chequing account via debit.  

 

Entry #2 - done in current quarter so I am hoping I can still fix the situation on my next GST remittance since this is also my year end.  I entered it as a cc charge because I paid it online and charged it to my business cc.  I paid my cc balance including this bill.  

 

Entry #2 was what actually happened, so I am contemplating either voiding or deleting my Entry #1, including the bill payment.  I do not know what it will do or not do to my "pay sales tax" process.

 

Any suggestions?

 

Thank you.

1 reply

A
Alex M
August 22, 2023

Hi there Ramonde,

 

It's important that all your transactions are entered correctly so that your books are well-balanced. QuickBooks Online is a great tool able to help you keep track of sales tax on transactions so you know the amount to file. I can provide some information about taxes.

 

If a transaction is deleted, modified or deleted from an already filed tax period, there will be an exception in the current tax period accounting for the change in the previous period. You can see some information about exceptions in this article.

 

To know if deleting the prior transaction would be the best course, or if there would be a better method to erase this in your books, I recommend speaking to your accountant. Their expertise will be able to tell you if there's another method that you should be using to erase this duplicate transaction in this current period. You can invite your accountant to your QuickBooks account by going to the My Accountant tab. You can also find an accounting professional near you that has experience using QuickBooks by clicking on the Find a pro to help option to help you in this section.

 

If you have any further questions, please feel free to ask them here.

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