Adjusting Journal Entries With HST


(Canada)

Posting Year-End Adjusting Entries in QuickBooks

Posting Year-End Adjusting Entries in QuickBooks

I am trying to enter my adjusting journal entries from my accountant.


One of them consists of five lines:

1 accounts receivable
2 hst on purchases
3 hst on sales
4 hst on sales and
5 non-deductable interest.

I can't figure out how to do this in my general journal. Can you help?



image of fancy scroll lines



Adjusting entries from the accountant are entered using the General Journal Entry window found under the "Company" drop down menu.

To enter accounts receivable, you will need an actual customer name ... and you can only enter one AR per journal entry. This restriction is to keep the subledger in balance with the general ledger. If you don't have the customer name(s), you will need to ask the accountant for the detailed list of what s/he is adjusting.

For the HST adjustments, you will need to select an associated tax line on the GST/HST report ... there should be a purchase adjustment item and a sales adjustment item in your drop down lists.

For non-deductible interest, create a sub-account under your existing Interest Expense account titled "Non-Deductible Interest" to post this entry to.

Often times, especially with accounts receivable/payable, it is easier to book the journal entry using the QuickBooks forms rather than a general journal entry.

Just book a "net zero" on the appropriate form. Make your reference something like YEA12 where YEA stands for "year-end adjustment".








QuickBooks is a registered trademark of Intuit Inc.

Click here to post comments

Join in and write your own page! It's easy to do. How? Simply click here to return to Learning QuickBooks.

Enjoy A Tea Break With
Me Today. Let's Chat!

Use the search feature to quickly find the
information you're looking for.

Like this page? Please let Google
know by clicking the +1 button.






 Keep Your  eDocuments Safe And Secure… $7 USD
Version 2 now out
Bigger and Better



SHORTEN
Your Learning Curve!

Buy Now



Warm up your tea cup and check out these chats ...

Click on image above to read the chat.






Purchasing These Products Through My Links Helps To Support This Site

Click on image above for my review.






Join Me On Facebook

Help support this site by "liking" me! Here's where I post current information.

Listed Under Websites NOT Local Business.
This website is not associated with the business operating in Bonnyville AB.






A Handy Reference

Buy Now