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Level 1

How do i change to posting of the corporate tax installments to gst installments?

 
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QuickBooks Team

How do i change to posting of the corporate tax installments to gst installments?

Hi there,

 

Good to hear from you again. It's great you have an arrangement with the CRA to pay your installments monthly. I'd be happy to give you a hand with this. 

 

With QuickBooks Online, filing your sales tax is a four-step process. First, you'll have to prepare your sales tax return in QB Online. The next step is you'd have to submit your return to the Canada Revenue Agency (CRA). Third, close your filing period in QuickBooks Online. Finally, record your payment to or refund from the CRA. For further details on how to complete each of these steps, I encourage you to check out this article: File Sales Tax.

 

If you're having trouble creating a sales tax payment for a specific date, you can record the payment as an expense type transaction or as a cheque. Check out this helpful article for more info on: Recording a sales tax payment with cheque or expense.

 

Making sure you're recording your transactions the right way is a good exercise for preventing errors in your books. 

 

I recommend contacting an accounting professional to get more info on this. If you're not in contact with one, I encourage you to search for one on our website using this link here. Doing this will help prevent any future discrepancies. Let me know if you have other questions. I'm here to help.