quick method of gst/hst
QuickBooks Canada : Pro 2012How can use "quickmethod of accounting gst/hst" use a remmitance rate
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d7x8oEt3Kr4yUOacwZ5xHE
02/04/12 1:50pm PST
Viewed by asker 02/06/12 5:37pm PST
Viewed by asker 02/06/12 5:37pm PST
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Safari818
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Questions answered: 12034
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Collect the standard rate for your province from Customers.
Use your "Tax-Exempt" Tax Code for all purchases and expenses (in other words, do NOT track Input Tax Credits), EXCEPT for major capital expenditures. If you are unsure about a specific expenditure you must consult CRA and/or your own professional accountant.
When ready to file a return you must manually calculate the amount for Line 103 using the rate given to you by CRA. (Usually Line 105 is the same amount.) Then calculate the difference between this amount and the amount recorded by QB; enter the difference as a Sales Tax Adjustment, posting it to an Income account.
Then open the Sales Tax menu and File Sales Tax.
