Forward to HST for PEI

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Joined: 02 Jun 2004 17:42

Forward to HST for PEI

Post by grant » 26 Mar 2013 14:14

An overview of changing existing files for HST.

For businesses, HST is a fundamentally different type of tax to the previous PST; businesses can claim the HST on expenses back, whereas they had to incorporate the PST into their cost structure. MoneyWorks handles both PST style and HST style taxes, so all you have to do is set up a new tax code for HST and change your default tax codes in your chart of accounts.

What you need to do now in MoneyWorks:

Set up a new tax code (we suggest “H”) at 14%. This will be of type GST/VAT, and can use the existing GST control accounts. You should do this sooner rather than later.

On or immediately after 1st April, you will need to change the default tax codes in your chart of accounts from the PST tax code to the new H tax code. You can do this by search and replace if you want as follows (here we’re assuming that you are using a code “T” for GST+PST, and “G” for GST only, but your codes might differ):

First, take a back up of your accounts in case something goes wrong;

In the Accounts list, search for all accounts with tax code is T (use Cmd/Ctrl-F to search);

Highlight these (Cmd/Ctrl-A) and choose Replace from the Select menu;

Set the pop-up menu to “TaxCode”, enter “H” (without the quotes) into the field on the right, and click OK. The tax codes will be changed to “H”;

You should check the other tax codes as well, in case some of these have changed status (particularly for services, which may have been exempt PST previously).

You should also check your Customers and Suppliers and change any Tax Override settings from “T” to “H”.

Once the tax rates have been altered, transactions will automatically use the HST codes. If you need to charge HST before the change-over date, just overwrite the tax code on the transaction line to “H”. Similarly if you need to use PST after the changeover date (e.g. because of late supplier invoices), just overwrite the tax code with “T”.

A Note on Printing Invoices

The current version of MoneyWorks thinks that PEI has a GST+PST type tax (and will remain thinking this until the next update). To get your invoices to print with HST instead of GST+PST, simply change your Locale to a province that has HST. The Locale is changed in Edit>Document Preferences, on the Locale tab. ON would be a good province to choose, as, unlike BC, they are sticking to HST. You should be able to revert to a Locale of PE after the next update. Also note that if you need to re-print an old invoice with GST+PST, you will need to temporarily change your locale back to PE.

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Re: Forward to HST for PEI

Post by Mawwan » 24 May 2018 19:57

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