{"id":1614,"date":"2017-07-06T23:37:16","date_gmt":"2017-07-06T23:37:16","guid":{"rendered":"https:\/\/myquickbookkeeping.com\/?p=1614"},"modified":"2017-07-06T23:37:16","modified_gmt":"2017-07-06T23:37:16","slug":"quickbooks-gst-return","status":"publish","type":"post","link":"https:\/\/myquickbookkeeping.com\/tailwind\/?p=1614","title":{"rendered":"QuickBooks GST return"},"content":{"rendered":"<style type=\"text\/css\"><\/style><p>This weeks video walks through the steps to prepare your GST sales tax return in QuickBooks Online, then file it with Canada Revenue Agency.<\/p>\n<p><iframe loading=\"lazy\" width=\"500\" height=\"281\" src=\"https:\/\/www.youtube.com\/embed\/6_L8KjHYYwg?feature=oembed\" frameborder=\"0\" allowfullscreen><\/iframe><\/p>\n<p>Tips to help with your GST or HST filing in QuickBooks Online<\/p>\n<ol>\n<li>Review your balance sheet to ensure all accounts have been reconciled. If everything is up to date, you should have captured all of the GST or HST you have collected and paid during the period.<\/li>\n<li>Make a note of the balance of the GST HST account on your balance sheet at the end date of the return period.<\/li>\n<li>Compare the balance of the account to the amount of the return you are filing. If they don\u2019t agree something is not right!<\/li>\n<\/ol>\n<p>You can follow the steps in the video to complete your filing.\u00a0 If you need help reconciling your account feel free to reach out for assistance.<\/p>\n<p>The website to file with CRA is:\u00a0<a href=\"http:\/\/www.cra.gc.ca\/gsthst-netfile\">www.cra.gc.ca\/gsthst-netfile<\/a><\/p>\n<p>Let me know how you get on! \u00a0Comment below, I would love to hear from you.<\/p>\n<p>&nbsp;<\/p>\n<p>Transcript:<\/p>\n<p>Hi! Kerry here from MyQuickBookKeeping.<\/p>\n<p>My GST return is due so I thought we\u2019d prepare it together.<\/p>\n<p>The first thing I do before starting any submission to the government is to ensure all my accounts are up to date. I do this by reviewing my balance sheet on the last date of the period we\u2019re doing a return for. For example, for me now, that\u2019s May 31<sup>st<\/sup>.<\/p>\n<p>I\u2019ve made a previous video to show you how to run your balance sheet. So if you\u2019re not sure how to do that, you can select that video in my channel below. As I\u2019ve already reconciled everything, we can go the screen and complete the return.<\/p>\n<p>Before I start, I always run balance sheets. So we pop in the Reports and I have this, one of My Custom Reports. We\u2019re going to need to run it for the period that I\u2019m doing a return for. So that would be, 1<sup>st<\/sup> of March to the 31<sup>st<\/sup> of May. Here we go. I run that report.<\/p>\n<p>I scroll down and have a look and see what the GST payable is. For that period, it is $135.56, so I make a note of that on a piece of paper. Then, I select sales Tax on the left hand margin. You can see here Receiver General, the one that has come up. There\u2019s also an option here for Minister of Finance, which is PST<em>.<\/em><\/p>\n<p>But today, we\u2019re filing the GST return so this is the one that I want. So the Next return to file here is the one beginning the 1<sup>st<\/sup> of March, it doesn\u2019t have the correct ending date. Going to pop into Prepare return. I\u2019m going to change this end date to the 31<sup>st<\/sup> of May. Here it is. And here we go. The amount is exactly the same as what we wrote down from the balance sheet. It\u2019s just always a nice double check to make sure you\u2019re in line.<\/p>\n<p>So now here, we have a breakdown of tax collected, tax paid and the amount that is due. So we now mark as filed. So all done. This will mark my return as filed and close the books for the period. So I\u2019m going to Continue.<\/p>\n<p>Now, we need to file that return with the Receiver General. And I\u2019ll actually do it on the CRA website.<\/p>\n<p>So let\u2019s open up this return so we have a little summary.<\/p>\n<p>This is the information we\u2019re going to need to enter into the website.<\/p>\n<p>This is the Government of Canada website for GST\/HST NETFILE and I\u2019m ready to file. So read through these points here. Make sure they\u2019re all okay before you click continue. Then you come up to the screen where you enter your business number, access code and reporting period. I\u2019m not going to film those bits. I\u2019m just going to do them and then we\u2019ll move to the next screen together.<\/p>\n<p>So after entering the information about your particular business, you come to this screen where you are able to enter in all of the information from the return we just prepared in QuickBooks. Once you\u2019ve done that, make sure that the amount here at the bottom agrees to the amount that we\u2019ve written down on a piece of paper and it is the bottom of your sales tax return. I\u2019m just going to do that right now.<\/p>\n<p>Now, let\u2019s press calculate. Here, we have the same $135.56. Yes, I will make a payment within the next five days and everything is accurate so I submit the return. And now, the return is filed. We still need to go and make a payment though so I don\u2019t know if you\u2019re either going to do that online or if you\u2019re going to be able to do that through internet banking. But one way or the other, that payment still needs to be made by the due date. As you can see here, mine is the 30<sup>th<\/sup> of June.<\/p>\n<p>If everything has been set up properly in your QuickBooks Online file, then that should be a very smooth exercise. If not, we can help. I\u2019ll also be adding a video to show you how you can set up products and services in your QuickBooks file that will help you to keep your taxes in order. If you\u2019ve watched me post imported transactions in a prior video, you\u2019ll see how that can make life much easier.<\/p>\n<p>If you like to sign up for QuickBooks, you can do so using the link below. If this has been helpful, be sure to click Like and Subscribe to my channel. If there\u2019s anything else you\u2019d like to know about, please make a note in the comments below. My next video could be for you. Cheers!<\/p>\n<p><\/p>","protected":false},"excerpt":{"rendered":"<p>This weeks video walks through the steps to prepare your GST sales tax return in QuickBooks Online, then file it with Canada Revenue Agency. Tips to help with your GST or HST filing in QuickBooks Online Review your balance sheet to ensure all accounts have been reconciled. If everything is up to date, you should&#8230;<\/p>\n","protected":false},"author":5,"featured_media":1618,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":[],"categories":[18],"tags":[23,40,25,41],"_links":{"self":[{"href":"https:\/\/myquickbookkeeping.com\/tailwind\/index.php?rest_route=\/wp\/v2\/posts\/1614"}],"collection":[{"href":"https:\/\/myquickbookkeeping.com\/tailwind\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/myquickbookkeeping.com\/tailwind\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/myquickbookkeeping.com\/tailwind\/index.php?rest_route=\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/myquickbookkeeping.com\/tailwind\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=1614"}],"version-history":[{"count":0,"href":"https:\/\/myquickbookkeeping.com\/tailwind\/index.php?rest_route=\/wp\/v2\/posts\/1614\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/myquickbookkeeping.com\/tailwind\/index.php?rest_route=\/"}],"wp:attachment":[{"href":"https:\/\/myquickbookkeeping.com\/tailwind\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=1614"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/myquickbookkeeping.com\/tailwind\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=1614"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/myquickbookkeeping.com\/tailwind\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=1614"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}