Sage 50 Canada

Welcome to the Sage 50 Canada Support Group on Community Hub! Available 24/7, the Forums are a great place to ask and answer product questions, as well as share tips and tricks with Sage peers, partners, and pros.

Adjust Inventory for tax exemption after invoice

Posted By StefanS over 7 years ago

I have a tech support business and order goods based on customer need. I record all goods as inventory upon receipt and then add to the client invoice as billed.

I have realized that with filing PST (British Columbia), all of these items should have been PST exempt. I have contacted my suppliers and they have issued refunds for each item.

How can I add these credits to my system? I'd prefer to not have to delete the sales invoices to adjust the inventory items, but will do that if it is the only way.

Thanks in advance.

0 Richard S. Ridings over 7 years ago

I'm not in BC so the rules may have changed since the reintroduction of the PST. To get the inventory costs right on the customer invoices might not be worth reversing the customer invoices, correcting the purchase invoices, and then reposting the customer invoices.

Assuming the vendors are sending you paperwork, then you can record the invoices as you see them making sure the PST expense portion of your original invoices goes back to the original linked expense account for your inventory items to reduce your expense.
Cancel
Vote Up 0 Vote Down

Sign in to reply

Verify Answer

Cancel
0 StefanS over 7 years ago in reply to Richard S. Ridings

Thanks for the info Richard.

All that I have received is an email stating that there has been a "Tax Refund" applied to the order.

I think that I understand what you are saying. I'll give it a go and see how it works out.

Cheers!
Cancel
Vote Up 0 Vote Down

Sign in to reply

Verify Answer

Cancel

Sage 50 Canada

Adjust Inventory for tax exemption after invoice

COMMUNITY

COMPANY

PARTNERS

SUPPORT & TRAINING