Taxes
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I am cleaning up my client's chart of accounts and he has 13 different sales tax accounts (Current liability). I am trying to delete the ones I don't need and that have never been used, but the system won't let me. I was told my customer support that there is no way to delete them, but that just doesn't sound right! Anyone have any ideas?
My client of 13 years just switched to Quickbooks Online from Sage 50. I was able on Sage to create specific tax codes. I can't see how to do that on Quickbooks Online. I need to create one for GST for expenses where the GST is included in the cost. For example, I want to be able to record an expense of $40 that has GST built into it and have QBO calculate the GST (so the entry would be processed automatically as $38.09 to expense account and $1.91 to GST paid account).
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I put 13% in error.
I have been using it this way but it costs me a fortune to have an accountant adjust everything to be able to file taxes. I would like someone who knows what they are doing to ensure the accounts are all set up as they should be.
Hello everyoneMy business issues invoices ahead of service, sometimes up to 3 months ahead of time. So sometimes I am paying my HST a quarter ahead of schedule.This is no problem, but when a customer backs out I may have an invoice where I already paid HST but am no longer going to be getting paid. I will be going into my 2nd quarter now, Q1 was easy as I could just void it but now that I will be paying my Q1 HST I want to make sure I am dealing with dead invoices properly. How do I account for this in the current quarter (Q2) and get my HST credit from the Q1 invoice to apply against the current quarter? I read a bit about credit memos but I can't seem to figure it out fully.Thank you
When receiving cheque for crop income, there are deductions on it for licensing fees and storage. These deductions, also, include HST that is paid. I have been posting as RECORD DEPOSITS; however, I directly access the HST account for the amounts paid out as per the cheque. I have, also, tried doing this under General Journal and, again, directly access the HST account with warnings. Getting ready to file my Sales Tax return and these HST amounts are now under UnAssigned. How do I post the cheques received for crop sales when there is HST-allowable deductions on it?
Good morning, We are a Canadian, Ontario-based company and submit our HST/GST tax return quarterly to Canada Revenue Agency. We have customers worldwide and some of them are located in Europe.How should be VAT tax (EU) recorded in Quickbooks properly if I am located in Canada and start charging it to our Sales Invoices to European-based customers (who do not have VAT number)? Should I add a separate TAX agency (European) with separate tax brackets for these purposes in addition to Canada Revenue Agency so it would be reflected in Tax Reports accordingly - is it allowed in Quickbooks Canada? Would it not mess our regular tax return? Thank you very much for your time and support! Best,Anna
I'm using Quickbooks Online, under "Taxes" in the sidebar. I'm entering today's date as the date the return was filed (it was filed today in CRA's online system). Clicking "Mark as Filed" yields the error.
Hi guys, i have created an invoice on quickbook, which has multiple items. i applied discount and taxes on it. but i am confused with its calculation. as it is returning 448.40 if 9.975% is applied on 4495.16 instead of 448.39 as you can see in the attached SS of invoice. can somebody break its calculation for me as i have to replicate these calculation on my app. thanks
Hello, I'd like to move deferred revenue from July 1st, 2020 to Feb 28th, 2021. The amount and HST amount are known however, I'm unsure how to properly record this in the journal entry. As well I'd like to match this revenue with the associated invoice in the system. So that payment for payment recorded as received Feb 28th, 2021. I'm not sure if this is a possibility. I look forward to your support.
Hello, I have noticed that my default tax rate is HST (BC) and I am concerned that it should be S (standard gst/pst) and that it has caused my GST remittance to be underreported as it put the PST in as a tax credit, lowering my GST owing. Is this correct, and what is the easiest way to rectify this moving foward?
I have recorded 3 GST instalments as follows:but when I prepare my GST62, Line 110 comes up as zero. What am I doing wrong? How do I capture these instalments on GST62?
Cient is a yearly GST payer 1- My client had to pay 2018 and 2019 GST but their GST wasn't set up in QBO until 2020. I did a JE debit GST Payable and credit GST Suspense. Was this the best way to do this? 2- After doing the JE for 2018 and 2019 and filing with the CRA, the client came back with more expenses. I know these ITC's can be used in 2020. Should I create a GST Owing/Refund acct and then a JE debit GST Payable and credit GST Owing/Refund? If so, when I file GST for 2020, how to do I ensure the missed ITC's are then claimed and properly recorded so the clients records are properly maintained? 3- My client paid the GST via transferring money out of the account to herself and paying at the bank, in the bank feed how do I match this to the JE done in part 1? Many thanks!
