Taxes
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how do you account for the taxes on a purchase when the owner uses his own funds
Even after you select the GST(purchase) after posting the bank feed transaction it still overrides your selection and puts it in the sales.
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I have a large invoice with multiple line items (all with the same product/service). This service is charged sales tax (HST), which is 13%. When I do a manual calculation of the total HST to be collected, the total is 6 cents lower than what QBO says it is, so I have to manually adjust it. I have never seen QBO do this before.
Can anwers be default to 2 decimal points when doing calculations in the Sales Price/rate box when entering inventory? It returns 8 decimal points now
Hello, I need helpWhen I try to assign a Tax to a Item I get the following error using SDK:There is an invalid reference to QuickBooks CreditMemoLineItem SalesTaxCode "80000002-1409997673" in the CreditMemo line. QuickBooks error message: You can't set taxable if Sales tax is turned off or the item is not a taxable item type. In My Taxes preference is turned On
Hi Everyone, We purchased a commercial property and we want to show the HST paid we paid on Line 106 as well as Line 205 of the GST/HST summary report. Any idea how we can input the amounts in the correct accounts so the values show up under Line 106 Input tax credits (ITCs) and Line 205 GST/HST due on acquisition of taxable real property? Creating a long term asset entry with HST will show under line 106 but not sure how to show it under line 205 for the GST/HST summary report. Can anyone help me out? Thank you
Previous Bookkeeper/Accountants never cleared out payroll liabilities in Quickbooks Desktop, so there is a major blemish on the current Balance Sheet. How do I clear out old unemployment and FWT liabiilities from 2013 and forward? I know we payed all of the taxes but I don't have records of the specific payments older then two years ago.
When entering sales tax paid in QB desktop I also make an adjustment for the discount givenfrom the state. I have made this same entry for the last 2 months. For some reason when Inow enter it, the sales tax discount amount is not reflected on the check register. Normally It would show the amount as a split transaction ( ex: $1909.00 sales -$26.00 discount.) .Please advise.Thank YouBarbara G.
they don't balance
On the left bar, upon selecting "TAXES", I get two boxes. One is Canada Revenue Agency, and one is BC Ministry of Finance. CRA is correct, but BCMOF is all zeros. Yet when I run a report for PST the information is correct. Can anyone help me get the PST info show up as it should when I select "TAXES" Thanks
My business has some exempt sales. We have also gotten things like CEWS during the pandemic. These things go through the company as revenue and therefore should be on the HST filings. However, QBO only tracks sales with HST assigned to it. I have tried setting up new tax rates, adjusting existing tax rates, and making a new tax agency all together. None of these things work. Any suggestions?
I'm trying to confirm the difference here, because i'm not exactly sure what the difference is, other than the fact that tax exempt shows up in the taxable summary report (0%) whereas out of scope is omitted. Does it matter which one you use, they are both 0%. The Income Tax Act has a discussion about zero rated vs exempt, but I dont get the purpose of out of scope. I used exempt for GST on imports, but this kept showing up in the taxable sales summary, so I changed to out of scope. Neither changes the ITC, but I wanted to do this correctly. Also, for hotels and purchases during a business trip to the US, I marked all of these as exempt, because it was for business and I figured it should show up in the report. Is there any reason to use out of scope?
The BC PST is not tracking to the tax centre but is in Account2552 anyone had issue with this
Hello everyone, I am looking for a solution to correctly record the taxes for liquor purchases/expenses in BC. There is a category/group for this already set up and it used to work perfectly (5% GST and 10% PST were applied), but now it just reflects the Standard category/group (5% GST and 7% PST). I tried setting up an additional tax item with 10% PST and adding it to the tax group which worked, but that changed all PST percentages, including the existing 7% PST item in the Standard category. I am sure I created a new item with 10% PST and did not change the existing 7% PST item. How can I create a tax item or group which will apply 5% GST and 10% PST while not changing any other tax item?
I'm in B.C. and my company provides consulting / management services. I charge a monthly fee plus an administration fee. The clients are in B.C. Do I charge BC HST on both charges or just on the consulting fees? The admin fee is typically $500/mo on top of the consulting fee and is basically a fixed fee that covers a portion of office costs - office supplies, Internet, specialized software licenses and maintenance, phone, fax, specialized equipment that I supply as part of the service, etc. Any help would be much appreciated.
The sales tax bulk update was GST/PST BC. If I edit the transaction and change the sales tax setting to GST for example, the transaction corrects itself and shows the proper amount. I do not know if this PST situation existed for transactions prior to the sales tax bulk update.
How do i delete a report that has been created in sales tax. Nothing has been paid and the previous bookkeeper entered incorrect information. I need to change the filing frequency and run the tax reports and get them paid. These date all the way back to December 2019. She ran 3 reports and entered them as filed but they were not filed.
Due to this there is a difference between the balance payable too.
Hi, I am trying to keep a record of how much HST or GST I have paid so that when it comes to file for GST or HST it can be east. My question is: Is there a way to mention or detail the HST & GST portion of each expense in:1- Journal Entries2- Bills
