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  • What is the correct journal entry when entering interest/penalty on GST/HST returns?

    From the answer: It is not a Journal Entry - Penalties and Interest payable to the CRA should be recorded as a bill from Receiver General and posted to a Penalties/Interest Expense type account.

  • How do I remove the HST in the body of my invoice and only show it as the sales tax total?

    From the answer: Additional Customization > Footers.... You must select either Sales Tax Summary or Condensed Sales Tax Summary in the "Print" column.

  • How do we record a Corporate Tax Refund?

    From the answer: Do not enter it as a JE -- you very rarely enter JEs in QuickBooks.... Enter it as a deposit, posted to the income tax expense account since it is a refund of your overpayment.

  • Where do I put Shareholder Loan from Credit Card Debit and Credits?

    From the answer: I think I solved the issue, I just make a GENERAL LEDGER entry which adds to the Shareholder Loan, and puts the same amount into Advertising Exp.

  • Transferring customized invoice template to another file

    From the answer: In the old data file go to Lists>Templates>Highlight the template they want to use in the new file>Click the Template Icon at the bottom left of the window>Export and follow the steps.

  • First time submitting T4s

    From the answer: 1. Yes. 2. You have 3 options: a) Print the T4 Summary Report (Reports, not part of the QB T4 process) and  the CRA copies, handwrite the CRA Summary, and mail.

  • Shareholder Out of Pocket Expenses

    From the answer: There are several ways.... One is the "zero-dollar cheque".... Enter a cheque payable to the owner.... Post the expenses to appropriate accounts on the Expenses tab with the appropriate tax codes.

  • What would you put employee recruiting expenses under on P&L Statement?

    From the answer: It doesn't matter what you call it as long as you record it to an Expense type account.

  • Is there a bug in Desktop?

    From the answer: "Do you have an explanation for me," Yes, we gave you a bunch of things to consider.... As peer users running businesses, these are the things we would do in our own offices, if it was happening.

  • T4A How to change T4A BOX 13 to a RT account instead of a RP account

    From the answer: You can't!... T4A's (like T4's) are Payroll related - hence report to RP account.... RT accounts are for Sales Tax.

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