File GST

Software: QuickBooks accounting software

You need to file GST.

When using QuickBooks Canadian version, after your GST Cycle, you are required to file your GST.

From Sales Tax menu, select File Sales Tax …, to starts filing your GST (Note: In Singapore, QuickBooks Canadian WILL NOT automatically files your GST online or link with IRAS web site).  The objective of filing GST is to clear the tax amount off from your GST Payable account (Other Current Liability account).

In your File Sales Tax wizard, select your Tax Agent, and change the “From” and “To” date according to your filing period. QuickBooks will calculate the GST amount payable automatically (check the Tax On Sales and Tax On Purchase amount, ensure they are correctly stated), then, click the File Return button (at the bottom of the page) to proceed with the filing.

If there is any tax refund, QuickBooks will prompt you whether to “Receive Now” or “Receive Later”. Usually, you will use “Receive later” as IRAS will only paid after the filing. QuickBooks will generate a journal to credit GST Payable account and debit Accounts Receivable account. You can track the payment from your A/R ageing report (a new customer “Tax Agent name – Receivable” will be created).

Note: Remember to file your GST using IRAS Form 5.

4 thoughts on “File GST”

  • Hi,

    For reckon quickbooks, where can this be found? I can only find tax summary report in Reports> Tax

  • Hi,
    You only mentioned Tax Refund, what if we have to pay Tax in excess after Netting off the GST? (Sales MINUS Purchases)

    Is it the opposite of Tax Refund? Ie:

    Journal:
    DR GST Payable Account
    CR AR Account???

    I believe GST is not supposed to appear in Statement of Accounts, so there’s no way we can do a cheque or GIRO out as payment from the Bank? A payment would indicate its an expense in the Statement of A/cs…

    And as I just started with my A/cs software, GST payable for the last quarter of 2011, does it have to be reflected in this year’s accounts, since it would be paid out from the BANK.

    Thanks!

    1. Faustine,

      GST Payable Account is a Balance Sheet account, it will accumulated to the following month till File GST process is done. During File GST process it will ‘transfer’ to either AR or AP account; then, you will do your receive payment or pay bill to clear your AR or AP account of the Tax Agent.

      Cheers!

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