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BAND1
November 15, 2021
Question

Entering Business Income CANADA

  • November 15, 2021
  • 1 reply
  • 0 views

When I enter a payment I received under Business Income, do I enter the entire payment which includes HST? 

Does the report at year end list only the income portion of that as income, when I click Apply Sales Tax?

 

1 reply

T
Trish_T
November 16, 2021

Hi BAND1,

 

Welcome to Community!  Understanding how to record your business income and sales tax is vital in keeping with the CRA guidelines.  QuickBooks Self Employed tax categories are aligned with the CRA  and you'll need to maintain your tax records, filings and retain receipts.  I'd recommend reaching out to an accountant for expert guidance on how to record your business income and set up the appropriate accounts.  We can help you locate a ProAdvisor in your local area, if you don't have one.

 

With regards to the end of year reports, the Tax Summary report will show your expenses by category, your net income and sales tax you've collected and paid.  Keep in mind the reports are geared to cash-based accounting, so only closed transactions will appear in the report.  Open invoices won't impact your numbers until payments have been received.

 

If you have any other questions or concerns, please don't hesitate to reach back out.  We're here for you!

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