QST/GST Report and Meals and Entertainment

Use this area for questions that are specifically related to Canada (e.g PST handling, Canadian cheque standards)
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rboisjoly
Posts: 4
Joined: 06 Oct 2011 13:10
Product: Express
Region: Canada

QST/GST Report and Meals and Entertainment

Post by rboisjoly » 06 Oct 2011 13:15

Hi!

I'm just starting setting MoneyWorks and I'm trying to enter an expense report for some expenses.

I'm entering myself as a supplier, then creating an invoice and entering the various expenses including all applicable taxes.

Since I have meals and representation fees, I know these are only reimbursable at 50% both for GST and QST in Quebec. Thus, I do not want the full taxes to be part of the GST/QST report for my quarterly report.

What is the best way to set this up so that when I choose this category of expense, only half of the taxes get included in the report? This is the only place where there is a 50% only claim which can be done. Otherwise, the full taxes get claimed, in GST fashion.

Thanks for your suggestions.

charleshorse
Posts: 191
Joined: 21 Feb 2008 18:59
Product: Datacentre
Region: New Zealand
Location: Auckland

Re: QST/GST Report and Meals and Entertainment

Post by charleshorse » 11 Oct 2011 08:14

I think it is easier to set yourself up as a "bank account" than a supplier, then just enter your expenses against that bank account. When you come to re-imburse yourself, just do a funds transfer from the business bank account to your "bank account".

For your GST issue, split the entertainment in half. Code one half of it the the entertainment account (with GST), and for the other portion half overwrite the tax code to make it exempt (or have two accounts, one with GST/QST, and one exempt).

rboisjoly
Posts: 4
Joined: 06 Oct 2011 13:10
Product: Express
Region: Canada

Re: QST/GST Report and Meals and Entertainment

Post by rboisjoly » 11 Oct 2011 09:31

Thanks for the trick and suggestion!

I've figured out that I could also do a 50% GST and 50% TVQ (multiplied) and use this, works out fine. But your idea is actually really simple :-)

Cheers!

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