oops... HST misdirected problem

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pondball
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oops... HST misdirected problem

Post by pondball » 19 Mar 2013 03:52

I was going over some files and prepping to pay off some overdue HST reports when I came across an problem with the way HST has been collated.
For my first year (2011) with MWG I prepared the GST report and submitted HST and thought everything was going fine. Last year I got a bit behind in my quarterly submissions and have finally brought my MWG filing up to date... however it appeared I owed a larger amount than usual in HST so went diving into the reports. It appears that one of my biggest inputs was not being included. We import a good lot of our inventory and therefore pay HST on the goods at the point of import. This is done through our customs broker and I record it... which I did... but it now appears I have done something wrong as none of the HST paid from any of these entries ver the past two years have been allocated to HST Paid, and therefore were not used in any calculations for the HST reports! I have included a jpg of what a sample entry looks like... I see now that it is obvious that the HST designation for this item 1510 was not correct in that it allocates $0 to HST Paid... Total amount over the two years is just over $4000.
Any suggestions on how:
a) I can correct the 2 year error
b) correct my setup so that it allocates the HST to the correct location
TIA, dan
file showing TC zone as * and no allocation to HST Paid
file showing TC zone as * and no allocation to HST Paid
HST_Prob.jpg (49.72 KiB) Viewed 2914 times

pondball
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Re: oops... HST misdirected problem

Post by pondball » 20 Mar 2013 14:56

anyone?

charleshorse
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Re: oops... HST misdirected problem

Post by charleshorse » 21 Mar 2013 15:59

I don't know how your HST works, but I've seen in MoneyWorks that there is an A taxcode that you can use which is for 100% GST on imports. Perhaps you should look into using that.

To correct the old transactions, I think you first change the tax code on your 1510 account to "A", then for each time you have entered one of these transactions put through a zero cash payment coded dated on the appropriate date (for example):

Acct NET TC HST GROSS
1510 -864.89 * 0 -864.89
1510 0.00 A 864.89 864.89

If you use the GST report it should pick them up automatically.

pondball
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Re: oops... HST misdirected problem

Post by pondball » 22 Mar 2013 04:16

Hi charleshorse

that sounded like a perfect plan so I went into my CA and took a look at account 1510... it is set up as follows
Code: 1510
Type: CA
Description: HST Paid on Expenses
TC: *
Category: HST

when I clicked on 1510 to make the changes to the Tax Code however it is greyed out and won't allow changes... same thing with the Account type (HST Paid), which is also greyed out... is this change supposed to be made somewhere else other than in the Accounts window?

pondball
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Re: oops... HST misdirected problem

Post by pondball » 22 Mar 2013 04:29

I am thinking I should set up a new code and set Type: A as you suggest.

Would this work?

Code: 1520
Description: HST Paid on Purchases
Account Type: Expense
Tax Code: A
Category: HST
P&L Account: 3800 (which is SF Retained Earnings)

or should Category be Admin as it is with most of other Expense accounts?

rach
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Joined: 17 Jan 2013 10:51
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Region: Canada

Re: oops... HST misdirected problem

Post by rach » 22 Mar 2013 11:41

when I clicked on 1510 to make the changes to the Tax Code however it is greyed out and won't allow changes... same thing with the Account type (HST Paid), which is also greyed out... is this change supposed to be made somewhere else other than in the Accounts window?


You need to be in single user mode

You need to hold down the option key ( on a mac) and then click on the account code. I think the control key on windows

pondball
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Re: oops... HST misdirected problem

Post by pondball » 23 Mar 2013 00:26

Thanks rach

just tried that but it won't allow a change... perhaps because its a system account?... dunno, but it says system accounts have to be zero rated (*)... so it looks like I should be making the 1520 account... just don't know whether it should be Category:HST or Category:Admin

pondball
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Re: oops... HST misdirected problem

Post by pondball » 22 Apr 2013 09:39

I've finally had a chance to get back to my books and have resorted to inputting the erroneous postings that I had put in the 1510 * Paid on Expenses account to my 1520 H Paid on Purchases account... so far it looks like it will work although I have not idea what is happening to the money that was allocated to my 1510 account...

I have had another slip-up though... I inadvertently posted a transaction dated 31.01.01... which of course is a number of years from now... it says I can't delete the transaction as it has already been posted or is in use... but it is obviously not right... any suggestions how I can remove this... or should I post a negative transaction for the same amount and on the same 31.01.01 date?

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