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

Posted by on Jul 18, 2012 in Sales Tax | 0 comments

 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, how are you calculating the HST amount that is due come remittance time?

Are you trying to do take the payment amount and divide by 1.12? What if part of that amount is not taxable on that item, how will you account for that?

These are just some of the questions that you need to be aware of when you use the Online Banking feature to download the bank transactions in QuickBooks. The easiest way to account for the HST is to choose the Add Mulitple tab and then the correct Tax code as you work across a transaction line.

If you have run into the above problem, then contact your QuickBooks ProAdvisor to help you with it.

QuickNotes: is now mobile friendly. From the web address you can choose Options/Mobile formatted and the site will appear in all its living colour for you to view. Check it out.

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