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what do you do with express account after filing your taxes?


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I guess this is more of an accounting question but Im curious as to what I should be doing in express accounts after I file the taxes for my business?

 

For example, how do you handle the HST remittance that you pay back to the gov't? (Canada)

 

Thanks kindly for your help.

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  • 3 months later...

Spoke to my accountant about this. It's actually pretty simple. You'll be adding CRA as a Supplier and when you remit your HST you simply create a purchase/immediate payment and choose whatever account the funds are coming from (ie: Checking). For Account Allocation you will be choosing your 'Sales Tax Collected' accounted and from there you will be entering a negative value totalling the amount you are paying back. Also change the transaction type to CR. This will deduct your payment from your running total of Tax Collected (tax owing).

 

Hope this helps!

 

Screenshot:

 

6xji80a.png

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