I need help to try to understand how to fix my tax agency report on line 103 GST/HST collected..
It is showing me a negative amount -778.12
When I click on the amount it pulls up our invoice but that amount is no where to be found on the invoice.. THe tax collected was
I am very confused how/ where this amount came from. . The only taxes we collected in the last quarter was $740.35.
Can someone please help me understand what might have happened.. I am new to book keeping..
Hi there, Bailey,
When it comes to sales tax, I know it's essential that your numbers are correct and the best way to ensure that is to understand what's been calculated in your books. I'll guide you to get this sorted out.
QuickBooks Desktop calculations for the sales tax module are based directly on the transactions you've entered into your books. When numbers aren't quite making sense, it's best to take a closer look at those transactions to learn where the numbers are coming from.
To do this, you can review the GST/HST Payable account in the Chart of Accounts to see what transactions are there or use the Tax Agency Detail Report. That report is super handy because it divides your transactions up to reflect in the line they're calculating on for your sales tax remittance. Here's how to pull it up.
You can filter and set the date range as needed to see only the transactions you need for the filing period you're working on.
If after that you're still not quite sure the numbers are making sense, I recommend touching base with an accounting professional. They have the know-how to navigate these kinds of situations and get you back on track. If you have an accountant you're working with who uses the Accountant edition of QuickBooks Desktop, you can consider sending them an Accountant's Copy of your company file for them to look at. Learn more about that here: Create an Accountant's Copy of your company file in QuickBooks Desktop
If you don't have an accountant, don't worry, QuickBooks can help you find one. Check out the Find an Accountant page to search for QuickBooks-savvy accountants in your area.
Enjoy the rest of your day.
thank you for your help.
I opened the tax agency detail report and i can see the tax balance is not matching to my actual sale tax.
I then, opened up the sales tax exception report to beak down the taxes and there i can see that an old invoice from my last return in July is still in this report under filed amount -$328.32, and current amount is $0.00.
Also, this invoice's price was adjusted way back in July 15 and the sales tax amount changed but this amount never went away in my report..
Is there a way I can adjust this price to go away? or is it possible that that prior amount $328.32 was filed and then adjusted after it was claimed making the updated pricing on the invoice not accurate on my sales tax? Is it possible to do an adjustment without it affecting my sales tax return?
The books are a bit of mess right now, I am taking over from the old book keeper so im trying to clean up messes... and im getting very lost.
Thanks for any help!!
Thanks for the follow-up details, Bailey. Taking on a set of books that someone else was managing can be a challenge. As a tech support agent, I can't advise on where and if you should make adjustments as I don't have bookkeeping or accounting training. I'll leave you with QuickBooks Desktop articles about sales tax adjustments and other details, but to determine where and what methods to use to make corrections to the books, please consult an accountant.