How do I code a transaction which is all QST?

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jlacoste
Posts: 1
Joined: 05 Dec 2013 04:34
Product: Express
Region: Canada

How do I code a transaction which is all QST?

Post by jlacoste » 05 Dec 2013 04:36

I recently purchased a vehicle for $8,190.00, an amount I paid to the car dealer. On that purchase, there is an amount of $822.94 which is all QST and is paid through a different transaction directly to the provincial government. I can reclaim that amount. I tried coding it using the A tax code, but this is all GST. How do I code it to all QST?

grant
Posts: 318
Joined: 02 Jun 2004 17:42

Re: How do I code a transaction which is all QST?

Post by grant » 06 Dec 2013 12:02

You can't use the A code because that is defined to be all GST.

So you need to make a two new tax codes. The first is a GST code with zero rate (or you could probably use one of the presupplied Z or E codes).

G0: Zero GST -- this is just a GST type tax but with the tax rate set to zero;

The second code is a composite one, and is the sum of the G0 code plus your normal QST code -- maybe call it G0Q. So you will have a tax rate of 0 + 9.975. Any transactions coded to this will show 0 GST, and 9.975% QST in the GST report.

I can't quite figure out the maths on this, because if you paid $822.94 in QST then presumably the price of the vehicle was 8,250 plus the QST. So you would put 8250 into the net of the line, and change the tax code to G0Q, and this will give the correct QST.

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