Taxes

Each time a charity records an expense on which there is 13% HST, it can calculate 69.69% of the HST and record it in its 13% HST recoverable account. The remaining 30.31% of the HST should be recorded with the expense incurred.Reference: HST-for-Churches.pdf (baptist.ca) Is it possible to create a custom tax rate that automatically calculates this amount?

I need tax summary of my accounts with USD account separate from CAN account. When I do it online, it appears to show for all accounts. Please advise how to separate this so I can file taxes accurately. Thanks

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  Can anyone confirm if this statement applies to Canadian self-employed people and the Federal Government?@AB1977  Estimated tax payments for a sole proprietorship are not business-related transactions.  Those payments should be made personally.  If you paid them out of your business bank account, record the payment to your Owner's Capital or Owner's Draw equity account.  IMO, to keep things cleaner, you should transfer the funds from your business account to your personal account and then make the payment to the US Treasury from your personal account.View solution in original post   CheerReply  

I received a refund on my corporate income taxes.  How do I record this?

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It was recommended through quick books, I just want to be sure?

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The combined account makes it very difficult to find a discrepancy.

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Hi There,I was uploading my daily sales to Quick Books desktop using a IFF File until yesterday. Today just I can't upload it. It mark error. I think it has something to do with the taxes codes, before the GST and PST were not set up properly and when pulling the report there were no entries on the report, I got the instructions on how to set up the codes and preferences, now they show in the report but when I try to upload my IFF file of today, just can't. Any suggestions? Thank you.  

 

HiSo my broker normally send me an invoice which include GST for my shipment. How do I entered it in quick book online? For example :  I tried to manual adjustment the GST amount of the expense but then it applies the 5% which then make the Total amount incorrectly. Problem is this not always match to particular percentage so I can't create another Tax group. What should i do? Thank you

Hello everyone.I'm an owner of a company and I use my personal truck for business. The company is paying for the vehicle loan on my truck. I took out the loan personally and not through the company. Can I claim the interest on the personal loan for the truck as a company expense? 

My sales tax is not appearing in my Sales Tax Payable account.  HST is, but PST is not.  I have been tracking the PST paid in my bill line items, and have been advised to include them on the sales tax liability account. I have HST and PST items, I have the sales tax codes, H and P set to their respective items. I can print a P Sales Tax report from the Sales Tax List.  From the Item List, i can print an Item report for HST, but the same report for PST is empty.  Similarly, the PST is not appearing in my Sales Tax account. What have i not connected properly? 

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how to

Hi,I have filed the year end HST of 2022 to Canada Revenue Agency. Then I tried to record it in QuickBooks by clicking 'Prepare Return' in the taxes section. However, quickBooks only showed me the message "These books have been closed. If you need to reopen them to record an earlier payment, enter your password.". It did not create any new journal entry, which I can reconcile with the payment I made to CRA.Moreover, in the taxes section nothing changed. It is still showing me "Prepare a return", and the 2022-year end HST is still there. The books have not been closed like they were supposed to be. Please Advise.

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We have GST and PST payable and I would like to use the sales template but I get an error when I try to add the sales tax payable accounts. If I don't enter this way, the sales tax reports do not include monthly sales, so I am trying to change how I enter daily sales.

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Does a Capital Dividend need to be declared on the sale of an asset or can it be declared later? Where can the portion that will be declared a dividend in the future be booked IE: SHL