Sales Tax

Is HST Accounted for in QB’s Downloaded Bank Transactions?

 If you are one of those people that decided to work with your QuickBooks by downloading all your transaction from your bank, how are you accounting for your HST? QuickBooks doesn’t know that there is HST in a bank transaction, such as in a cheque payment or a Visa charge. Are you making sure that you break that amount out when you match the transaction as shown in the screenshot? If not,...

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QuickBooks Quik Tip on Sales Tax Problems

If you are a company that has not been entering in the correct Sales Tax information into QuickBooks, to do with your Sales Tax codes, names and Tax Items, chances are you have created a number of  unassigned Sales Tax Amounts. Why should you be concerned? Well, if you proceed to use the Files Sales Tax feature in QuickBooks, you will receive the error message as displayed on the left. This...

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How to Correctly Record Your Sales Tax Installment Payments

It’s not uncommon for Non-Profits, Charities or For Profit companies to make HST Sales Tax Installments. There are many reasons for this and one may be that the Non-Profit or Charities organization, has only registered to file annually or that it’s sales base is below the CRA threshold. The second may be that the annual filer does not want to face an unexpected amount at the due...

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Paying your Sales Tax Agencies in QuickBooks

I last left you with the filing of the Sales Tax in the CRA site. This site will allow you to process a refund but the payment of an outstanding amount has to be done through QuickBooks or your bank. I should clarify this. You can set up a payee with your on-line bank account or you can also create a check in QuickBooks to pay the Receiver General (GST) or Minister of Finance (PST). If you...

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Filing Sales Tax in QuickBooks

Continuing on with Managing your Sales Tax in QuickBooks, you have four ways to find out the amount of your sales tax liability, so that you can file your sales tax. You can use: The Tax Agency Report (from the Menu Bar/Reports/Sales Tax/Tax Agency Report The Sales Tax Payable register (GST or PST) Also from the Menu Bar/Sales Tax/File Sales Tax Menu Bar/Reports/Vendors & Payables/Tax...

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Managing Sales Tax in QuickBooks – Part Two

We are to going to add the provincial sales tax for a different province. This has become necessary for our sample BC company because an office was opened in Calgary, Alberta, where services will be provided. In order to set this up we need to create a tax code, so go to List, Sales Tax Code List, right click your mouse and choose New. In the following fields add this information: Sales Tax...

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