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JonSWR
October 7, 2020
Question

How to record ITC for late vendor invoice

  • October 7, 2020
  • 1 reply
  • 0 views

Hi,

I've noticed that QBO records ITCs on the invoice date for a bill.  This seems to make sense based on CRA's wording, but is this correct?  It is the date of billing, not the day I actually pay the bill?  If I get a bill Mar 23, but pay it Apr 7, potentially my ITC and update to AP/balance sheet will be in different quarters.

 

I have a vendor who keeps sending invoices months later, into the next year.  I got a bill recently dated Nov 2019.  His taxes are none of my business, but is there an easy way to record this?  Do I need to manually keep track, and make an "adjustment" in the HST return?

 

I guess it would be incorrect to simply put in the invoice with a current invoice date.  QBO will record it as an ITC for the current quarter, but then this won't match my invoice, right?  Any more elegant way to record this in QBO without out having to manually keep track of this kind of thing?

 

Thanks

1 reply

J
JamesM
October 7, 2020

Hi there, 

 

QuickBooks is a powerful program which offers tools and resources that help you get ahead with your work. I'll be happy to give you a hand with recording your transactions. 

 

Making sure you're recording transactions the right way is a good method for preventing errors in your books. QuickBooks adheres to rules and regulations set by the CRA. Anything that goes beyond that I'd recommend consulting an accounting professional. Doing this ensures you're properly recording your transactions. If you're not in contact with one, I encourage you to search for one on our website using this link here. At this time, I'd recommend manually keeping track of your taxes. Let me know if you need help with that. Otherwise, I suggest checking out this helpful article which shares more info about how ITCs work in QuickBooks. 

 

In case you have other questions, feel free to leave a comment below or contact our support specialists using the details below:

 

Schedule a Callback or Chat: click (?)Help in the upper right > type and enter "Contact support" into the QB Assistant > click Contact Us > explain your situation > click Let's Talk > choose Get a callback or Start a Chat. Support is available from Monday to Friday between 9 a.m. and 8 p.m. ET.

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I'll also leave this question open in the community so other accounting professionals can share their insights. Feel free to ask questions. 

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