HST Adjustment Simply Accounting
Adjusting Your HST Account
I owe more HST/GST than my tax report says I do, so I have paid the amount I know I owe.
My question is, how do I do an adjustment in Simply Accounting, for the higher HST/GST owed, so I won't end up with my tax accounts out of whack? I cannot figure this out.
I know there are 2 adjustment accounts, 1 for the HST/GST collected, and the other for the ITC paid out. Can anyone help?! Thanks
You haven't said how you know that Sage/Simply has calculated your GST/HST owing incorrectly. Where is the error ... in the collection ... the ITCs ... or prior period amounts not previously claimed ... or ... ?
Usually when a software accounting program calculates the sales tax owing incorrectly, it is due to user input errors.
I'm not conversant with Sage/Simply but in QuickBooks, there is an adjustment button that allows you to adjust the various lines on your return.
If it is just an input error on a sales or purchase transaction, remember you can always reverse the original entry and rebook it. When you subscribe to my free eZine, you get access to my chat on adjusting entries.
Knowing when to delete vs. void a transaction
is necessary when doing bookkeeping.
I do have a chat on how to manually book this sales tax
that may also help you out.
Please do post back by clicking on the "post comments" link below. A few more details about the problem and why/how it occurred ...and someone may be able to help you out. P.S. I would like to remind you there is a difference between information and advice. The general information provided in this post or on my site should not be construed as advice. You should not act or rely on this information without engaging professional advice specific to your situation prior to using this site content for any reason whatsoever.