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kieronvella
September 4, 2021
Question

Hi Everyone, We purchased a commercial property and we want to show the HST paid on Line 106 as well as Line 205 of the GST/HST summary report. Any idea how to do this?

  • September 4, 2021
  • 1 reply
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Hi Everyone, We purchased a commercial property and we want to show the HST paid we paid on Line 106 as well as Line 205 of the GST/HST summary report. Any idea how we can input the amounts in the correct accounts so the values show up under Line 106 Input tax credits (ITCs) and Line 205 GST/HST due on acquisition of taxable real property? Creating a long term asset entry with HST will show under line 106 but not sure how to show it under line 205 for the GST/HST summary report. Can anyone help me out? Thank you

1 reply

J
JamesM4
September 6, 2021

Hello kieronvella,

 

Making sure you're recording your transactions the right way is a good exercise for keeping your books accurate. I'll be glad to steer you in the right direction so you can focus on doing the things you enjoy. 

 

To ensure accuracy in your books, I recommend contacting an accounting professional to get more info on recording the expense transaction. Doing this will help prevent any future discrepancies in your books. You can also reach out to accounting professionals on our site using this link here.

 

I'll also leave this question here so other accounting professional members can chime in and share their expert advice. Let me know if you have other questions, I'm here to help.

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