My company is setup to use the Quick Method for HST remittance to CRA. This means that:HST on day to day expenses does not become an Input Tax Credit on HST remittanceHST on capital expenditures does become an Input Tax CreditA flat rate portion of the HST collected through billing gets submitted to CRA Does Quick Books Desktop support HST remittance using this method? What is the best practice method for tracing HST paid and collected to simplify Quick Method filing? What happens with the net of "HST collected - HST remitted - HST paid on non-capital expenditures" - does it become another form of Income in books? Thank You.

M

MarcinK

Question

How to use QuickBooks Desktop with HST Quick Method to simplify filing

Forum|Forum|4 years ago
April 18, 2022
1 reply
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My company is setup to use the Quick Method for HST remittance to CRA. This means that:

HST on day to day expenses does not become an Input Tax Credit on HST remittance
HST on capital expenditures does become an Input Tax Credit
A flat rate portion of the HST collected through billing gets submitted to CRA

Does Quick Books Desktop support HST remittance using this method?

What is the best practice method for tracing HST paid and collected to simplify Quick Method filing?

What happens with the net of "HST collected - HST remitted - HST paid on non-capital expenditures" - does it become another form of Income in books?

Thank You.

QuickBooks Desktop

J

JamesM4

Hello MarcinK,

Welcome to the QuickBooks Community. QuickBooks Desktop is a versatile program that's designed to help you streamline your work using the powerful features offered in the program. I'll be happy to steer you in the right direction so you're on the right track with your work.

Since QuickBooks Desktop doesn't support this method yet, I recommend getting in touch with an accounting professional that can share expert advice on this. Making sure you're recording your transactions properly is an essential step for maintaining clean books. If you're not in contact with a professional, don't worry, you can search for one using this link here.

I'll also leave this question open in the Community so other accountant users can share their advice. Otherwise, feel free to ask other questions, I've got your back.