My question is how do I account for the difference between HST collected and HST remitted? Is anyone else using the Quick Method? How are you handling it?

I elected to use the Quick Method of Accounting for HST this year, and it doesn't look like Sage Accounting natively supports this (Perhaps a feature request?)

I filled out the HST tax return form following the CRA guide i.e:

   Line 101 = Total Revenue *including HST*

   Line 103 = Line 101 * 8.8% (For Ontario Service - Other jurisdictions and business types have other rates)

   Line 106 = 0 (Zeroed out ITCs, as most operating expense ITCs are not allowed when using Quick Method)

   Line 108 =  300 (1% credit for first $30k of revenue)

After making these changes I see two entries in the Corrections Ledger and show up as a negative expense on my P&L report:

   1) The difference between HST collected and HST remitted

   2) The ITCs that were automatically captured 

My understanding is that (1) should be recorded as 'other income' (GIFI 8230 / 8242 ) so I created a journal entry to move it from Corrections to an "HST Quick Method Revenue" revenue account, include on Tax Return checked.

I'm not sure what to do with (2) though. 

Any insights/pointers/links to info would be really helpful.