Filing A GST Report
Hi Lake, It's that time of year again. Wondering if you could help me with a problem.
In 2013 I overpaid my HST return by $52.29. CRA did not send me a cheque for the 52 dollars but just added it to my HST account and will apply it to what I own in 2014. I am going to file my HST return in QuickBooks and it is saying that I owe CRA $4150.67; however I really owe them ($4150.67- $52.29 = $4098.38).
If I send them a cheque for $4098.38 there will still be a discrepancy in QuickBooks of $52.29. How would I log the credit in QuickBooks so that my HST return line 113A actually states the correct amount of $4098.38. Thanks sooo much for your help.
My first thought was "Couldn't you just do the same thing but opposite of what you did to overpay the tax last year?"
Without giving this a lot of thought, I would think your GST report / account would show/include the overpayment. Therefore if you just filed your report and paid the $4098.38, everything should work out. But as you are asking the question, I'm guessing that won't work.
Are you sure your current period report doesn't reflect the overpayment? Please post back and explain to me how you overpaid and were not "out" in QuickBooks.