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Shauna_S
November 17, 2022
Question

Record NIL GST return and holding ITC's

  • November 17, 2022
  • 1 reply
  • 0 views

I would like to prepare a NIL return in QBO but have a balance of ITC's.  I am planning on holding these ITC's until the next filing period when I have GST collected that I can report as well.  Since CRA says I do not have to claim ITC's in the period for which they were paid, I would rather hold them and not claim a refund for the period.  How can I prepare the return in QBO to reflect a NIL filing but still have the ITC's show up when I prepare the next return?

1 reply

J
JamesM4
November 17, 2022

Hi Shauna_S,

 

Welcome to the Community. QuickBooks is a powerful program that helps you manage your work with peace of mind. I'll be glad to share more info so you're on the right track with your work.

 

Recording your transactions properly is an essential step for maintaining clean books. To ensure accuracy in your books, I recommend reaching out to an accounting professional for expert advice on this. If you're not in contact with a professional, don't worry, you can search for one using this link here. Otherwise, feel free to check out this article here with more info on how to: File your sales tax return and record sales tax payments in QuickBooks Online.

 

Feel free to keep us posted on how you make out. I'll be one message away.

S
Shauna_SAuthor
November 17, 2022

James, I'm not sure how to do this in QBO as there was no clear answer anywhere I looked on just recording a NIL return (essentially closing the filing period and carrying forward my ITC's).  Do I just leave the filing period open in QBO and close it with the next one (showing a filing period twice as long in QBO but still having accurate amounts).  Unfortunately, the accounting professionals did not create the QBO program, so they are unable to help me resolve this question.

    T
    TKP79
    November 23, 2022

    Hi Shauna,
    I am sorry, I don't have an answer for you but thought I should add my voice to this discussion as I, too, would like to know how to deal with claiming less ITCs than QBO shows as available in a period. I have also been unable to find the answer to this for, as you pointed out, the accounting professionals didn't create the program and the help files only deal with the most straightforward tax remittance situations. 

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