Taxes
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I operate my consulting business out of Nova Scotia, but have clients in other tax jurisdictions. For the past eight months, I have been invoicing an Ontario client and the application has been programming the sales invoice with NS HST of 15%. The rule I understand is the point of delivery, and so the Ontario 13% should have been charged. Neither we or the client had realized the error until just now and I wish to make an adjustment to their account, crediting them for the overcharged HST and adjusting the tax payable. All examples I have seen so far do not show how to credit the client and to have the adjustment properly associated with the tax report to the Government. Any help on the correct accounts and entries would be appreciated.
line 101 on the tax return is 0.00
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Hi all, I'm using Quickbooks for Canada via API, and when using the GST/QST QC combined tax (5% + 9.975%) I'm having issues on roundings. Let me give you an example.For an amount of $8.70, we have: GST @ 5% on 8.70 = $0.435QST @ 9.975% on 8.70 = $0.867825Summing all (8,70+0,435+0,867825) we have $10,002825, which should round to $10. The issue is that Quickbooks is rounding every parcel before the final sum, so:GST @ 5% on 8.70 = $0.44QST @ 9.975% on 8.70 = $0.87Summing all (8,70+0,44+0,87) we have $10,01, which is not what was expected to. I tried to follow this:Go to the Settings (gear icon) menu, then select Company Settings.Go to the Sales tab, then click the "Sales form content" section/Make sure that the "Round off final amounts for sales transactions" is ticked, then click the Save button.Go to the Expenses tab, then click the "Bills and expenses" section.Make sure that the "Round off final amounts for expense
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Hello, I am new to QBO and wanted to know how I could separate taxes on expense transactions made using my debit card. Basically, I have connected my bank account/debit card to QBO and it's pulling data in automatically now but both price and tax of an item are clumped together. So for example, in QBO it shows it uploaded a transaction I made using my debit card for $12.43 but the transaction is actually $11 + 1.43 GST/HST when I look at the vendor's invoice. I don't need to collect tax as I don't really have an income right now but shouldn't I be tracking taxes separately anyways? Or let's say I hit the threshold where I have to start collecting taxes and remitting them, how will I know how much taxes I paid like this? Any help would be greatly appreciated, thank you.
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Hi thereWhen I begin to categorize my bank transactions, I must select a tax % for each expenseI'd like to confirm what I'm actually doing by selecting 13% Ontario tax for these transactions - does this field indicate that I paid 13% on that transaction? Thank you in advance for your help
Hi AllI'm new here and I'm now just taking over my corporate books so I have a lot of questions. I am currently taking a course to help me through this process but I have come across one transaction that is stumping me and it has to do with a CRA Refund.I filed my GST last quarter and had a refund coming for simplicity sake lets say it was $1000 at around the same time I filed my Corporate taxes and owed $500. They deposited the difference in my bank account of $500.My question is how do I record this transaction. Here is my thought. Create a Journal entry as follows.Credit my GST/HST Payable Liability Account for $1000Debit my Corporate Tax Liability Account $500Debit my Bank Account Asset $500.Does this sound right? Lastly, in my Taxes module where it says record refund does that drive an actual journal entry or is that just checks and balances to make sure you are on top of everything? I don't want it record the refund here as well as that would m
I screwed up and put in out of scope when I started and I think that messed up my whole year of buying fuel. I'm in British Columbia and am trying to figure out what I'm supposed to use. I am going to hire a bookkeeper this year. This kind of thing drives me nuts.
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