GST/HST remittance report to be fixed after year end

Question

Hey everyone, 
 
 I'll try to explain this the best I can to see if you can help me. I was 3 months into entering when I learned that the HST sales tax was set up incorrectly. It was fixed but of course as we know previous amounts wont show up on the report when doing remittance. I should have deleted the re-entered the receipts but I didn't. I didn't realize at the time that would be the best solution. Now the year end has been complete and my accountant sent everything in and told me it has to stay the same and not change as its already sent it. Which I get so now the report each time I do my remittance for GST the number is off as it is missing the first bit of transactions. Suggestions on how to fix this without going back into last year??

Agate · Answer

Cook Courier: 
 If your accountant has reflected the HST in the year-end then use your General Ledger Report instead of using the Sales Tax Report to tabulate your HST. If the accountant has not recorded the HST in the previous year then you can enter the transactions again dating them on day one of your new fiscal year and reversing the original entries to reflect the reduction in expense and the increase in HST. Let me know if I have understood your question and have solved your issue.

Agate · Answer

Cook Courier: 
 You do not adjust your previous year's entries. The unrecorded HST needs to be recorded in the following year. To do that you must enter the transaction again with just the HST portion and the reduction in expense. The transaction will be a zero transaction. E.G. (previous year's transaction) debit supplies expense $113.00, credit bank $113.00. (Following year's correction) debit HST paid $13.00 credit supplies expense $13.00. These entries will not affect your bank or rec's. 
 Hope this helps!

Sage 50 Canada

GST/HST remittance report to be fixed after year end

COMMUNITY

COMPANY

PARTNERS

SUPPORT & TRAINING