Saturday, May 16, 2009

No support for Quick method GST

I know that QuickBooks handles all your GST items and calculations for you, however, I'm also aware that there are a number of small business owners that are using the Quick Method for GST filing (including myself).

The Quick Method means that the SBO simply remits a reduced rate for GST instead of having to calculate GST collected and Input Tax Credits.  

I'm sure that there are a lot of contractors out there that are using this method, and I'm really surprised that QB does not handle this at all.

This basically means you will have to calculate your GST remittance manually, and then enter a adjusting journal entry to correct the balance afterwards.

No comments:

Post a Comment