HST collected for $ 200 in March 2024. ITC was $ 100. However, there was ITC exception amount for $10 from previous month. In the return it shows the balance $ 90. However, while submitting the payment, $ 100 was paid instead of $ 90. How do I rectify it in Quickbook?
Thanks for reaching out to us here. I'll be happy to guide you in the right direction so you can get the support you need in order to move forward with your work.
Here's how to adjust the sales tax:
Go to Taxes, select Sales tax, and select Prepare return under the Filings section.
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.
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