HST confusion

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Posts: 5
Joined: 08 Feb 2011 12:08

HST confusion

Post by PeaceTree » 08 Feb 2011 12:14

I'm new to Moneyworks and to bookkeeping... I own a small convenience store and I set up my tax as just HST. The tax I collect isn't always 13% of my daily total sales so I manually changed how much HST I reported. well... after posting Januarys sales my HST report says my tax collected isn't right? or balanced. Should I have set it up differently????

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Location: Elmvale, Ontario

Post by mikeguil » 18 Feb 2011 16:03

If you have products that are taxed differently than the straight HST, you should set up appropriate tax codes for those products. When you sell one of those products, use that new tax code rather than the HST. That way your tax results should be correct.

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Post by PeaceTree » 22 Feb 2011 05:49

My business is a convenience store... so we don't invoice customers it is mostly cash sales. At the end of the day I have an HST total and a sales total... but, my sales total includes sales that don't have HST or have only half... so my HST isn't exactly 13% of my sales. However, if I manually change the HST the number come out the way they should.... but it warns me that my HST isn't right...

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Post by donnamc » 22 Feb 2011 11:48

That's because MW is doing a test and concluding that your HST is not 13% of you taxable deposits. Whilst the report is telling you this, at the end of the day the figures in MW are correct. The only issue you may have is when reporting the figures to you Tax Authority, but I am unsure of the practices in Canada.


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