Taxes
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Hi Just encountered a problem with a invoice for $552.50 net imported into QBO from another system.. Applying 9.975% QST to this amount gives $55.111875 which Quickbooks Online is rounding to $55.12. However, according to the Quebec Government "Only fractions equal to or greater than one-half of a cent ($0.005) must be rounded to a whole cent ($0.01)" (see Note on https://www.revenuquebec.ca/en/businesses/consumption-taxes/gsthst-and-qst/collecting-gst-and-qst/calculating-the-taxes/ ). Therefore $55.111875 should be rounded to $55.11 not $55.12. The other system properly rounds it to $55.11 so the mismatch is causing a reconciliation problem.
I'm a small federally incorporated business based in Quebec. I incurred billable expenses in Ontario for a client which incurred HST at 13%. The only tax rates I have is QST, GST and combined QST/GST. How do I handle this in Quickbooks?
I am a home builder and am PST exempt for building supplies (since we collect it on the final sale price of the home). When I buy (for example) a sink from Amazon and they charge me PST - where do I put this so it shows up as a credit when I'm filing my PST return. My accountant told me I should enter it on a separate line in my credit card charge and I had used the PST payable account. But when I run the "file sales tax" for the PST return it says my "PST return is NOT ready to file" and these amounts just end up showing up in an Unassigned Sales Tax amounts line and not credited against what I owe. Help!
