Taxes
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sales over and underSales sheet comes in each day we record it something like this: DR Sales Clearing CR SalesWhen the money comes in DR bankCR sales Clearing-We record the cash sales however on a spreadsheet, so each day whatever the sales sheet shows usis CASH we record it. Then each day the CASH is deposited into the bankSo end of month we have a list of each cash sale and each depositIf the cash deposited for the month is OVER what should the transaction be?DR over n underCR sales clearing? If the Cash is under should it be?DR sales clearingDR over n under? I"m confusing myself.
I have been importing medical devices and usually pay full invoice amount for eg $70,000. Upon import, I am charged GST. How do I rate the $70k as? Zero-rated, exempt or out of scope? I charge HST on the goods and want to be able to claim the tax credits Thanks
For the filing of GST return Line 101 Total Sales and other revenue need to be a total ofLine 90 Taxable sales (including zero-rated supplies)made in CanadaLine 91 Exempt supplies, zero rated exports and other supplies and revenue How can this be changed so that the report shows Line 90 & 91 which will be totaled in Line 101?
So now that the subsidies from CRA have started coming in, how is everyone going to enter them into QB? Are these going to be considered an income? and will they be tax exempt?
Hi All, I need some help from the Community. We are a Canadian company. We have a few Clients in the USA for which we deliver IT consulting services. The work is performed in Canada and mainly overseas. As far as I know, we should be billing USA Clients as zero-rated for sales tax. Is this correct? Thanks, Rory
