(BC)
The HST Quick Method and QuickBooks
Hi Lake,
Great site with lots of very helpful information.
I am registered for BC HST and have elected to use the quick method as I am a service business with very limited expenses. I chose the quick method as I think that this will "make me money" as I will be remitting only 8.2% of my total sales vs 12% HST less minimal ITC's.
My question is how do I record this in my records?
I am currently tracking HST paid and billed but when I remit using the quick method I will not clear out/balance to my HST account. Can I record the difference to income?
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