helping right brain professionals navigate the left brain world of accounting
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.
As of yesterday, it's new and improved! Well, at this point we can say it's new 😉 https://community.intuit.com/ There are nine 'topics' to choose from. The first six topics relate to the US versions of QuickBooks. The last three topics are specifically for QuickBooks Canada, QuickBooks UK, and QuickBooks en Español. If you're a regular… Continue reading Intuit has relaunched the QuickBooks Community forum!
So you've gone green and signed up for e-statements. Kudos to you! Here's how going paperless helps the environment, compliments of http://payitgreen.org/ There's nothing better than neglecting my own bookkeeping and sitting down to do it a couple times a year. It fulfills my need for a challenge. LOL! (I don't recommend this, by the… Continue reading Did you sign up for e-statements? Don’t forget to save or print!
http://quickbooks.intuit.ca/accounting-software/compare-quickbooks-editions.jsp And if you're in the US, you can find the 2013 product link here: http://quickbooks.intuit.com/product/accounting-software/small-business-software.jsp I was fortunate enough to be able to beta test versions from both Canada and the US this year, which I really enjoyed. There are some interesting new features, most noticeably, the overall look. Personally, I love most of the… Continue reading It’s here! Intuit Canada announces release of QuickBooks 2013!
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