HST

BC and PEI Changes to Sale Tax Amounts for 2013

Here’s some important information for those of your that are doing business in British Columbia and Prince Edward Island. On April 1, 2013, the provinces of British Columbia (BC) and Prince Edward Island (PEI) will be changing the way their sales taxes are administered. In British Columbia, the 12% Harmonized Sales Tax (HST) will be replaced by the 5% Goods & Services Tax (GST) and 7%...

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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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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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QuickBooks 2010 is Unable to Load all Tax Configuration

This is an excerpt from Intuit Canada. Some QuickBooks 2010 users might get the following error message when accessing the HST Setup Tool: “Could not load all the tax configuration. One tax item, account, agency or code may already present in the company file” Why is this happening? This error message is an indication that QuickBooks is unable to decipher your current tax...

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Getting Started With QuickBooks

Getting Started With QuickBooks

So you’ve made the decision after doing some research, costing, and considering the questions that I asked in my previous article. You have purchased the QuickBooks software from your local business supplies locations which might be Staples, London Drugs or from the Intuit Canada site itself. Before you install the software I have to ask you if your business will be collecting or paying...

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