Keep GST/HST records organized and make sure amounts collected, paid and eligible input tax credits are properly reflected in your books.
GST/HST-registered small businesses, contractors and self-employed professionals who need their sales tax records organized and ready for filing.
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GST/HST bookkeeping requires more than simply recording a payment. Separating tax collected, tax paid and eligible ITCs helps keep your records clear and reduces the chance of missing amounts.
The amount depends on the GST/HST you collected from customers and the eligible Input Tax Credits (ITCs) available from business purchases.
Potentially, yes. Eligible business purchases may generate Input Tax Credits, provided the requirements are met and the necessary documentation is available.
Depending on your circumstances and filing position, you may have a refund rather than an amount owing.
We can review the GST/HST-related transactions and accounts in the bookkeeping records to identify discrepancies or missing entries.
Yes. GST/HST payments and refunds can be recorded and reconciled with the bookkeeping records.
The refund can be recorded and reconciled with the GST/HST accounts so your bookkeeping reflects the payment received.
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