Taxes
Recently active
What is the difference between inclusive and exclusive taxes?
Original commenter did not share additional details
How to memorize filters in all sales
Hello, I am trying to figure out the entry for the GST paid separately to CBSA. I basically receive 2 bills from the customs broker.Bill #1 - Entry fee and gst on entry fee - entered as a payable and paid to customs brokerBill#2 - GST on imported items - paid to CBSAThis is the entry that I cannot figure out - it will be Crediting Bank and debiting what? The GST on the imported items has not been entered anywhere in order to debit it?? Its not an expense so where does it go? If i enter it as a Bill - Debit GST payable credit Accounts payable - then pay the bill Debit accounts payable and credit bank - the GST amount is still sitting in GST payable? Im super confused!!!!
In Feb. I followed QB instruction article to create a liability account for customer deposits, and a product/service item linked to that liability account to process the deposit.In Feb. I issued a sales receipt for the $1,000 deposit received. I did not charge sales tax per my understanding of CRA rules, so the sales receipt was tax exempt. This sales receipt does *not* show up on Feb. sales tax reports/taxable sales summary.In May I invoiced for the job and used the service item to credit the customer deposit on the invoice. This service item is tax exempt as it needed to be to issue the sales receipt without collecting tax. The invoice shows the correct, full amount of sales tax calculated on the subtotal before the $1,000 deposit was taken off, so that all looks good.My problem is that when I print the May Taxable Sales Summary report, it shows a net sales of $X (same amount in GST and PST sections, which is correct), but it also shows an exempt sales amount of $1,000 in the GST sec
We are a construction company and so do not charge pst on sales. However we do have an occasional out of province purchase that does not have pst included. We need to self assess the pst amounts on these invoices. What is the best way to do this in QBO. I cannot seem to find any information on this. Thanks
The GST cheques weren't received until 2020
I am entering gross sales by month from Stripe into a Stripe Bank account I created as a Deposit (using Desktop Pro). Stripe Online is the vendor, Sales Stripe is Sales Income - I need to break out the taxes (multiple tax % due to diff. provinces). How do I do this? I have then been transferring the payouts via general journal as Stripe Bank credit, Bank account debit (into the actual bank account) to keep track, as there is always an ending balance from month to month and I need to be able to show this, hence the Stripe Bank account creation.
The amount of GST/HST refund is not the same because they have given us interest on the "instalment".
I purchased digital services online from another country. They do not charge GST on their products.According to what I've read I still need to pay GST on this purchase, but it is my responsibility to pay it myself. So my question is: How do I document, along with my expense entry, that I owe GST to the CRA for this purchase from a non-resident vendor? This article for example states that I have to pay the tax: https://www.cpacanada.ca/en/news/canada/2018-09-13-tax-on-digital-servicesAlso I just discovered from this article that next month non-resident vendors will have to start charging sales tax themselves: https://blog.taxamo.com/insights/canada-tax-cross-border-digital-servicesSo this sort of transaction that I'm asking help for, won't be an issue after next month I suppose,
Hello,We have realized that a number of bill payments we made included hst amounts.However, in Quickbooks the payments were recorded exclusive of hst, so if we edit it to show we paid $10 in HST, would that amount get reflected in a future hst filing?I just tried it, and get this messageThe transaction you are editing has been reconciled. Saving your changes could put you out of balance the next time you try to reconcile. Are you sure you want to modify it?
