GST/PST Report not capturing all GST paid (Q Win H&B Canada)

SMenzies

Report calculates GST received on Customer Invoices less GST paid on bills but does not capture GST paid in other registers (credit cards, chequing accounts) so balance owing on Report is higher than it should be and does not reconcile with the register report for *Sales Tax*

YingDave

You will need to process your credit card cheque account items through the "Bills /Accounts Payable" account for it to net off. Alternatively create business credit card / cheque accounts. Note that Quicken does both Home and business so it can not distinguish which is home and which is business spending unless you treat it differently unless you tell it so.

To process sporadic transactions for business through an existing personal account - or to ensure any GST credit is accounted for - you have to enter that transaction via the "Business,  Bills" menu items. All the detailed transactions need to be in a business account. So for the credit card card purchase you enter the split transaction as a business Bill and enter the GST paid as input in the bills dialog, to the particular vendor involved. Then you hit menu enter a "Make Payment to Vendor" and select your personal card/cheque account or even the business account as the "withdraw from" dialog box. On your card account it will simply list as a money transfer, while the details of the transaction stays in your Bills account collecting the GST and netting it off against GST payable on business revenue.

YingDave

You will need to process your credit card cheque account items through the "Bills /Accounts Payable" account for it to net off. Alternatively create business credit card / cheque accounts. Note that Quicken does both Home and business so it can not distinguish which is home and which is business spending unless you treat it differently unless you tell it so.

To process sporadic transactions for business through an existing personal account - or to ensure any GST credit is accounted for - you have to enter that transaction via the "Business,  Bills" menu items. All the detailed transactions need to be in a business account. So for the credit card card purchase you enter the split transaction as a business Bill and enter the GST paid as input in the bills dialog, to the particular vendor involved. Then you hit menu enter a "Make Payment to Vendor" and select your personal card/cheque account or even the business account as the "withdraw from" dialog box. On your card account it will simply list as a money transfer, while the details of the transaction stays in your Bills account collecting the GST and netting it off against GST payable on business revenue.

SMenzies

thanks!

YingDave

For you and others trying to setup a business or new accounts,  I found this old file on Google from Quicken somewhere. It is referring to an old version 2005 but the principles are all the same. I think it is written in from the US context not Canadian - but still should outline how to run business transactions in QW H&B. Being US Based it does not cover GST accrual on sales, and GST Credit on Purchases - but it's a useful reference nontheless.