Operating/General Account GST:
Step 1
Run the GST HST Sales and Other Revenue Report
Reporting --> Financials --> Transactions --> GST HST Sales and other Revenue
This report will give you your Line 101, 103, 106, and 109.
You can also check the total remittance amount owing of refund on the Balance Sheet in the GST/HST section
Reporting → Financials → Financial Statements → Balance Sheet.
Step 2
If the amount in the Net (Line 109) column on the above report is positive that means there is an amount owing to the government and will need to create a vendor invoice and payment.
Create a Vendor Invoice to Receiver General
- Back date it to the end of your GST/HST reporting period
- Add 2 lines to the lines tab
- One for you GST/HST payable/collect account
- One for your ITC account
- Enter the amounts from line
- 103 to your payable/collected account line
- 106 to your ITC account line
- The Total of your invoice should equal the line 109 from the above report.
- Post
Go to the Pay vendors form and create a payment/cheque
OR
If the amount in the Net (Line 109) column on the above report is negative that means there is an amount owing FROM the government to the Brokerage and will need to create a vendor credit memo and vendor Refund.
Create a Vendor Credit Memo for Receiver General
- Back date it to the end of your GST/HST reporting period
- Add 2 lines to the lines tab
- One for you GST/HST payable/collect account
- One for your ITC account
- Enter the amounts from line
- 103 to your payable/collected account line
- 106 to your ITC account line
- The Total of your invoice should equal the line 109 from the above report.
- Post
Once the cheque is received you must
- Create a Vendor Refund for the Receiver General
- Then go to the Applied Documents Tab and apply the Vendor Credit Memo to the Refund you just created
- Hit post.
If you would like to see the transactions associated with the above mentioned report, then run the GL Transactions – Account:
Menu: Reporting --> Financials --> Transactions --> GL Transactions – Account
and run for each of the selected accounts for your GST/HST reporting period.
- GST/HST – Sales Tax Payable/Collected
- GST/HST – Input Tax Credit
Commission Account GST:
Do steps 1 above, the amount in the Net column should be 0
If the amounts do not net out to 0 then Run this report; Reporting --> Deals --> Accounting --> Deal Tax Adjustments.
This report will show you the deals where the commission GST/HST collected do not match the GST/HST paid out.
Do Step 2 above if there is a payable or receivable for the Receiver General.
LINKS TO AGENT GST REMITTANCES HOW TOS
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