Recording GST/HST in Accounts Payable
Entering the invoices in Accounts Payable System, do I have to enter HST NB, HST ON, and GST separately or can I combine them in GST/HST. Is it important from the GST/HST submission standpoint?
I do not submit GST/HST myself, but does my entry affect the later submission which is done by my accounting supervisor? Thanks!
Without knowing the specifics with regards your company, the most inclusive and simplest answer is yes it is important.
I'm not sure what software you are using but generally most accounting software should easily handle sales tax from all ten provinces and three territories. Hopefully your system allows vendors/suppliers to have a default sales tax code to help increase accuracy in data entry and reduce billing errors.
If it is not part of your job description, your supervisor probably reviews the sales tax reporting for billing errors. For example, if you are located in Manitoba and order something from Ontario that is shipped to you in Manitoba, you should be charged 5% GST not 13% HST.