Taxes
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Hi,I've noticed that QBO records ITCs on the invoice date for a bill. This seems to make sense based on CRA's wording, but is this correct? It is the date of billing, not the day I actually pay the bill? If I get a bill Mar 23, but pay it Apr 7, potentially my ITC and update to AP/balance sheet will be in different quarters. I have a vendor who keeps sending invoices months later, into the next year. I got a bill recently dated Nov 2019. His taxes are none of my business, but is there an easy way to record this? Do I need to manually keep track, and make an "adjustment" in the HST return? I guess it would be incorrect to simply put in the invoice with a current invoice date. QBO will record it as an ITC for the current quarter, but then this won't match my invoice, right? Any more elegant way to record this in QBO without out having to manually keep track of this kind of thing? Thanks
Hi, How do we adjust ITC (Line 108) or "Other GST/HST to be self-assessed" (Line 405) or make any other GST adjustment? What account needs to be set up to balance the adjusted value? For example, say we bought a $100 computer, and the seller did not charge GST for whatever reasons, and my questions are: 1. Do we still need to pay $5 of GST to CRA? 2. If so, do we enter that $5 as ITC (Line 108) or as "Self-assessment" (Line 405) on the GST return? 3. Either way, how to achieve this in Quickbooks Desktop? In particular, what account needs to be set up in order to balance this $5? Thanks!
The client hadn't been using the tax module in desktop so QBO thinks nothings been filed since 2011 and wants me to file them.
100% of the subcontractors HST is used for our yearly remittance and only a certain percentage of our overhead HST is used so our accountants want us to separate them. Any advice?
I am hoping there is a report or filter I can run for all sales deposits and then do a mass update.
I am using QuickBooks Online.We do quarterly HST returns filing. When I go to tax center and prepare Sales tax return it asks me a tax period and a return filing date. Should this date be the quarter end date or the date of actual filing which is typically one month after the quarter end. For example for Q4 1-Oct to 31-Dec.A) If I enter the filing date as 31-Dec then my balance moves from HST payable to HST suspense as of 31-Dec which is shown in Holdbacks payable for year endB) If I enter the filing date as 31-Jan then balance movement happens on 31-Jan. This means as of 31-Dec my HST suspense will have 0 balance. But HST payable will have the balance for Holdbacks payable. What is the recommended practice? And does it defer for Q1-Q3 from Q4 which is also financial year end? Also, on the same lines for the year end Corporate income tax I have to make the journal entry as debit 'Current year taxes' credit 'Taxes payable'. I believe this entry has to be
I need to submit my GST remittance for last quarter but on the tax report it shows balances from previous periods. I'm currently setting up QB going back to Jan.'15 so these balances will clear up.How to I manually submit last quarter GST which is now due? How do I record the cheque I use to pay for the remittance and accurately adjust the GST account(s) for this transaction?ThanksI'm using QB Premier 2016.
Hi! I'm currently looking into developing an application based on the API of Quickbooks Online. And I wonder if the Automated Sales Tax (AST) is supported in Canada? I could not find a definitive answer in the documentation. Thanks!
