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R
rwnv
October 6, 2020
Question

How do you adjust GST? (e.g. adjusting ITC or "Other GST/HST to be self-assessed") ?

  • October 6, 2020
  • 1 reply
  • 0 views

Hi,

 

How do we adjust ITC (Line 108) or "Other GST/HST to be self-assessed" (Line 405) or make any other GST adjustment? What account needs to be set up to balance the adjusted value?

 

For example, say we bought a $100 computer, and the seller did not charge GST for whatever reasons, and my questions are:

 

1. Do we still need to pay $5 of GST to CRA?

 

2. If so, do we enter that $5 as ITC (Line 108) or as "Self-assessment" (Line 405) on the GST return?

 

3. Either way, how to achieve this in Quickbooks Desktop? In particular, what account needs to be set up in order to balance this $5?

 

Thanks!

1 reply

J
JamesM
October 6, 2020

Hi there,

 

Making sure you're recording your transactions the right way is a good exercise for preventing errors in your books. I'd be happy 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 transactions. Doing this will help prevent any future discrepancies in your books. If you're not in contact with one, I encourage you to search for one on our website using this link here.

 

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

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