Taxes
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SQUARE charges transaction fees on invoice amount plus GST amount and transfers amount net of Square fees but including GST. How to split GST, Invoice amount and square fee in QB to correctly post them
EG. Sold Straw to a customer and purchased back some parts from the same customer and deducted it off his sales invoice. The income on the tax report is not matching the income statement report.
Hello there, I'm having difficulty recording an input tax credit only in quickbooks against a cheque paid out to a vendor. Scenario:An insured property owned by Company A was damaged in a storm and a vendor was brought in by Company A's insurance company to help cleanup. The vendor issued an invoice to Company A's insurance company for work completed. The insurance company only paid the pre-tax amount to the vendor leaving Company A to pay the outstanding taxes (HST in this case) for that invoice. Company A paid the taxes to the vendor with a Cheque from their Bank Account. In QBO, the entry is pulled in from the bank however I am having difficulty in QBO assigning 100% of that cheque's value as an ITC. I have tried assigning the individual expense transaction category in QBO as GST/HST Payable: GST/HST Paid with no tax applied to the amount. Should I be doing something else to recognize 100% of this payment as an ITC so that when I run a Taxab
Does Canadian GST operate along the same principles as UK VAT?Asking because Enterprise 2021 is no longer supported in the UK, so I want to use Canadian version as a workaround.
I am trying to post an expense to the personal bank but how do i post the gst to capture it in the tax report
When I enter a payment I received under Business Income, do I enter the entire payment which includes HST? Does the report at year end list only the income portion of that as income, when I click Apply Sales Tax?
Hello, when i hit 'File my sales tax' and i want to 'file my return' i get this error which prevent me from completing this task. i check my trial balance on different period and everything is fine. i don't see where the error is coming from. Please can someone help me to solve this. i am using QB Desktop Premier 2021.
Anyone know how to report the sale of gold and silver coins in a final T1 for a deceased taxpayer?Thanks.
how do I change my sales going to a cash account instead of a bank account
Newbie here, I purchase parts from various suppliers, when I do I pay sales tax on what I purchase for items bought within Canada. I mostly purchase and pay for the items using my credit card and I do get receipts which I can see the taxes paid. What is the best way to input the invoice from my supplier into Quickbooks so I can reconcile it with the credit card purchase? As well I understand that the taxes I paid I get back, where is that captured? I am slowly getting the basics however its a struggle so any help is appreciated.
I am VERY new to Quickbooks online so please bear with me. My sole ownership small business is the province of Quebec, I sell my products in Quebec and other provinces. I have my clients setup with their full info and addresses. When I create an invoice, add the client from another province, I would expect that the system would recognize that province and adjust the sales tax for the province that my client is located in and apply it, but it does not and I cannot choose the tax rate for that province as this is what I understand is supposed to be done. What am I doing wrong? Any help would be appreciated.
what do I enter for CLAIM DEPENDENTS amount of dependents or amount of money ?
We use QuickBooks Desktop Pro, and I've been having issues with the gift cards. I've seen how to create the liability account and how to handle the sale of a gift card. My problem always comes when we go to redeem the card. Every article says that you have to use a negative amount on the invoice but then every month, my sales tax reports aren't correct because of those negative numbers. I always have to play around with them. Our accountants recommended QuickBooks to us but apparently don't have anyone who actually uses it because they can't help with this. What we're doing right now is the following: Sale of Gift CardInvoice for a customer with the gift card chosen as a line item (non-taxable) and then receive payment on it. Redeem a Gift CardInvoice for a customer with the gift card again chosen as a line item (non-taxable) and put in as a negative amount. I can't seem to find a single article that will explain why this is the correct way to do it. Unless there ne
I just want to make sure that Quickbooks is including the mileage I am tracking as an HST input.
I have been on the phone (off and on) all day with Quickbooks... Not getting anywhere... When I enter my meals at regular 5% they show up when I put them at the 2.5% they do not....It is active, and set up, but obviously somethings missing HELP!!!
Hello, I haven't collected sales taxes for some items because they weren't properly added into our POS system and I need to adjust the amount I'm owing. I'm trying to add an adjustment on my sales tax but it's asking me to which account I would like to add it into, do I add it directly into my liability account for this specific tax? (PST Payable (BC))What about commissions? Thanks!
I have some PST commission adjustments and PST tax due on sales amounts in the chequing account however they also appear in the PST payable account so I don't know which account I should be using for a journal entry to correct it.
