How do I adjust my quarterly GST report to show or not show the HST (ITC) on a truck purchase. Do I wait till year end, determine the business portion then claim the HST?
Thanks for reaching out. I know how important it is to keep your books accurate. Sales tax adjustments allow you to fine-tune your sales tax filings in QuickBooks Online. I'll be happy to assist you with this.
Adjusting your return in the system can be done in a few steps.
On the Prepare return page, select the Adjust link on the far right of the line you wish to adjust.
Enter the amount of tax you would like to add to the line (to reduce the line, enter a negative number).
Select your adjustment account. This may be an income account for tax credits, or if your Tax Payable account is correct, you can select the Payable account to adjust the return without affecting your Chart of Accounts. Note: We recommend consulting an accounting professional to ensure correctness on this step.
When it comes to how to manage your books and when to claim your sales taxes, your provincial tax agency and your accountant are incredible resources for that. I strongly recommend reaching out to them to make sure everything is lining up correctly in your books for your business needs. You can invite your accountant in your account by going to the My accountant menu and entering the appropriate email before confirming the invite. Alternatively, you can click on Find a pro to help to access our list of accountants.