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When you charge and collect tax on sales, you will remit 60% and keep 40% of the amount collected. And although you will only be claim ITCs on certain items (know the rules), you will be eligible for the PSB rebate, meaning you will receive a rebate for 50% of the GST or federal part of the HST paid on purchases.
I'm in a GST only province, so I'm going to set this up with the 5% GST in mind. You can easily modify this to work in different provinces by adjusting the percentages. Here’s how to set this up. We’re going to add two new tax rates, then a new tax group.
When you charge and collect tax on sales, you will remit 60% and keep 40% of the amount collected. And although you will only be claim ITCs on certain items (know the rules), you will be eligible for the PSB rebate, meaning you will receive a rebate for 50% of the GST or federal part of the HST paid on purchases.
I recently increased my prices. Right now, I have to remember to change them every time I create an invoice. Is there a way to make the new prices stick?
Customers, friends, and fellow bookkeepers, it's that time again! I need your vote to become an Insightful Accountant Top 100 ProAdvisor for 2016. It's one vote per person, and filling out the entire survey is optional. What's required is your first name, last name, email, and a check-mark next to my name (alphabetical by last name,… Continue reading Vote For the Top 100 ProAdvisors of 2016
This week, I've been noticing that the Job Credits for Small Business have been appearing in many of my customers' CRA online accounts. I haven't seen any refund cheques or deposits yet, but those should be starting to roll in soon. You might remember the Hiring Credit for Small Business (HCSB) that was around for… Continue reading How do I enter the Small Business Job Credit refund into QuickBooks or QBO?
THE PROBLEM: I wrote a bonus paycheque using QBO Payroll and the calculations are wrong. A NOTE: Intuit payroll engineers are aware of this issue and are working on a resolution. THE SCENARIO: It’s December, a time for staff parties, office treats, and hopefully… bonuses! Today I sat down to issue one such paycheque in… Continue reading Holiday bonus? What you must know if you’re issuing bonus cheques using QBO Payroll.
Happy New Year! We're a few days into 2015, and I've come across several client files where the current Federal and Provincial TD1 amounts are NOT updating. This is a known issue in QuickBooks desktop and hopefully there will be a fix soon. First things thing. Please make sure you have the latest tax table installed in… Continue reading What do to if your TD1 amounts are not updating in QuickBooks
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