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I have recently converted from Sage 50 and need to do the sales tax consolidation and am having a problem understanding how to do this

 
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QuickBooks Team

Re: I have recently converted from Sage 50 and need to do the sales tax consolidation and am havi...

Hi there, rsmithn216.

 

There are a couple of tasks that you need to perform after migrating from Sage, including consolidating sales tax. 

 

First, make sure that you have the correct CRA Business Number and filing frequency in QuickBooks Online. Here's how:

 

  1. Go to the Taxes menu, then click Sales Tax.
  2. Click Manage sales tax in the upper-right hand corner.
  3. Click the drop-down list beside Add rate, then click Edit agency settings.
  4. Enter your CRA number.
  5. Check that the Reporting Method and Filing Frequency are correct.
  6. Select Save.

Second is cleaning up your sales tax. Sage 50 Accounting Sage uses 2 accounts (4 in Québec) to track Sales Tax and post migration steps to consolidate sales tax into the single GST/HST Payable account in QuickBooks are required. 

 

To clean up GST/HST:

  1. Click Prepare Return under the Action column.
  2. On the Prepare GST/HST Return screen, enter these details:
    • Set Start Date as the start date of the conversion period.
    • Set End Date as the last date of the period covered by the most recent GST/HST return.
  3. Click Mark as Filed, then Continue to confirm that the GST/HST returns have been filed up to the To Date.
  4. You’ll be taken to the GST/HST screen.

Lastly, enter a reverse journal entry to ensure your current balance is correct. Follow these steps:

  1. Open your Chart of Accounts,then look for GST/HST Suspense.
  2. Click Account history.
  3. Find the GST/HST transaction you just created, then select Edit.
  4. You’ll see the Journal Entry screen. At the bottom, select Reverse.
  5. A new or similar Post System Migration Task column will be added to the list to show that this was a Description. If you like, you can type a note into the GST/HST Suspense line.
  6. Select Save and New.

 

Additional details about this are also discussed here: Post Conversion Checks For Getting Started With QuickBooks Online

 

Let me know if you need anything else.