Taxes
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Setting up a real estate brokerage in canada. Need a suggestion for chart of accounts. We have 3 bank accounts:General Account - where profit and bills are paid fromDeposit Trust - where Deposits are kept and returned.Commission Trust - where commission is kept and paid from. For commission funds we need to calculate HST payable as we receive the funds with HST and pay other brokerage or our agents with HST. Our profits are transferred to General account where classify retained earnings and HST payable on the profit. Right now we used "Transfer" between the accounts which works fine, BUT we cannot classify HST. If we do expense and deposit then we have a double entry and our numbers are off. if anyone can post a chart of accounts which would work for Canadian real estate accounting, that would be very helpful.
I've set up the retainer as an item and the amount goes to a current liability account and there is no HST. This all works. When I produced the HST report it was being included in line 101 sales. How do I stop this from reporting?I've done the same in QuickBooks Online version, using the "Out of Scope" tax code fixed it there.
Hi I am running QuickBooks 2012 Pro after doing a restore I found that my books were not up to date. I had to redo a little in March and then recreate the HST filing as it was done and submitted to CRA, the problem is I filed 01/01/19 to 31/03/19 under the last quarter 01/04/19 to 30/06/19 it would appear. After poking around some I am a little confused as to where exactly I have gone wrong.If found out about the error trying to file 01/04/19 to 30/06/19 a message came up saying that there was already an HST file for this period. If I go to File Sales Tax I get the return I was trying to file, the from and to dates are correct 01/04/19 to 30/06/19 all info is correct. On this form I see no other dates, I don't see how I could have screwed up?If I change the dates to 01/01/19 to 31/03/19 I get the previous HST filing and again all info is correct and again I see no other dates.How ever if I go to Company>Make General Journal Entries I have an entry for GST/HST
from my 2016 bank statements
My client uses his business chequing account for a lot of personal expenses even though I've asked him not to. Currently I am using the Drawings account for these. I was just wondering when I add the expense into quickbooks how I do the GST for these personal expenses. It doesn't seem right to do it as 5% GST and have these reduce the amount of GST he has to pay since these are not business expenses.
Desktop Premier 2019. Line 106 is not connecting to GST codes when entered through Bills/Cheques/Credit Card. Quickbooks is not separating GST from the expense amount and is recording the total expense in the expense account. For example, when a cheque is entered for a vendor, it shows the GST being separate and the amounts are correct, but when you look at the transaction journal it shows $0.00 for GST and applies the full amount to the total expense. Also, under Chart of Accounts, it doesn't show that it is connected to the GST Payable Account for purchases. As a test, we created new Sales Codes and Sales Items, but had the same issue. Any insight would be appreciated.
