Thank you, Naomi! I work in public practice and I am a die-hard Quickbooks desktop supporter. I have a couple of clients that are using QBO and it takes twice as long to prepare their year-end working papers as I miss the open window for reports. Your video on GST was very helpful. I do bookkeeping and bookkeeping cleanup for a couple of these QBO clients. I find data input to not be user-friendly. I don't have access to the client's bank so I can't do the bank feed.
I used to be a die-hard QBD user for many years, but now that I am fluent in QBO, I prefer it over QBD. But that's mainly because of the bank feed. I can do bookkeeping in half the time with the QBO bank feeds, and I am a source doc based bookkeeper! (Not a transaction based bookkeeper that enters everything from the bank feed). There are only two things I've found better on QBD: the audit trail and the payroll module. (I don't suggest using QBO Payroll if one can avoid it!). But I'm very curious... what do you mean that you miss the open window for reports? You can get reports for any period of time on QBO. The reports interface is pretty similar in QBO and QBD, including customizing, filtering, grouping, etc. To find the date setting, scroll up (weird I know), choose "custom" and select the dates you want, and then click the "run report" button. Let me know if you have any other questions about how to get QBO to do the things you're used to in QBD! As a long time QBD'r I've got your back!
Watching this video too lol, i'm hooked! Just a tip, you can change the view of the menu from Gear icon. The setting to change is in the bottom right when you click the Gear icon. Right now you're using the "Business view" which is new updated UI. You can change it to "Accountant view" which is the more detailed, more familiar view.
Hi There! Thanks so much for the lovely comment! Yeah... I figured that out after publishing the video! LOL! I'm so glad you are mentioning that so others can see! Thanks so much!!!
Hi Naomi, this is very helpful as I am planning to migrate our accounting software to QBO. Is there a way to set up PSB rebate in QBO, which is 50% of the federal portion, and 82% of the provincial portion. They are on a separate line in the rebate form. Thank you!
We filed HST and submitted, and the CRA refunded the amount we requested. When I went to record the refund, I now see that the Net Tax number has changed, the variance is in the ITC and Adjustments. Is there a way to find out what changed in Quickbooks? I've rerun the reports, the ITC's look fine, but somewhere buried is an adjustment I can't find. Thanks for any help!
I'm so glad you found this helpful! I do not have a video on locking the period, but I LOVE how in QBO you can lock a period with a password, so that you don't accidentally change a prior period, but you can update memos and inv#s and other non-GL affecting changes by putting in the password when you need to. Lots of flexibility! To do so, go to settings (cog at top right) -> Company Settings -> Advanced. Here you can turn "Close the books" on and off, change the date, and change and set the password. Hope this helps!
Thank you for the video, Naomi! I have a feeling that with QBO you not only have to know bookkeeping but you actually spend more time to figure out how to use this QBO (not a big fun of it at all). So if HST report was not created in client's QBO - i cannot really record the refund received? since as you mentioned the bank feed doesn't recognize it. Also, when i'm trying to create HST report for the past period, numbers differ from the report filed, i guess the previous accountant did some shortcuts and i have to clear it all up. Any help appreciated)
If the GST/HST filing tool was not used, then you will just need to do the transactions manually. It is possible to get the GST/HST Filing tool working again, but that's a bigger answer than just a comment. In QBO, "GST/HST Payable" is the GL account used to track HST Collected AND HST paid on expenses. "GST/HST Suspense" is the GL Account used for HST Filed and owing. So, a refund would go to GST/HST Suspense. But there is a lot more to doing the GST/HST manually. A bit too much to answer in a comment. A QBO Advance Pro Advisor should be able to help you out.
Wondering about a business just started, and not yet reached the $30k threshold. How wd one book the HST collected & paid? Maybe 'out of scope'.... just for those first months or until the sales get up there?
If a business is not registered to collect HST, then there is no HST to collect or claim on expenses. There is no need to set up the tax on the software until the business is registered to collect and remit HST. If the sales tax is already set up on QBO, then yup, as you said, choose out of scope for all of the transaction entries until the date the GST/HST account is opened with CRA. Still enter the full amount paid for the expense; the HST is just extra expense until the date your business is registered to collect HST. Here's a chart on when you need to register for GST/HST www.canada.ca/en/revenue-agency/services/tax/businesses/topics/gst-hst-businesses/when-register-charge.html Hope this helps!
Hey Addie! There are a couple of options: If your hydro bills are 100% business expense, then you can enter the bill using the expense or bill entry screen. You can correct the HST if you use the "Exclusive" tax option. If your Hydro Bill is $107, ($100 + $7 tax), and you're in a province that charges 13% HST... then yes, when you put in $100 pre tax, QBO Calculates $13 in the HST box. But you can change the $13 to $7 and hit save, and it will save with the amount inputted for HST :) This also works if you are only putting in a portion of the bill if it is not 100% business. If you want to correct the HST amount on a journal entry, you can put the HST on it's own line. Don't choose HST on the JE line you put the expense on though. Instead, on the next line below, choose "GST/HST Payable", input the amount... and THEN be sure to select the ITC (HST on purchases line 106) option on the right. It looks something like this (before I delete the top row in the vid, as I was doing a video about how to do a tax adjustment) ua-cam.com/video/Pcu-fB3llvk/v-deo.html Hope this helps!
Thank you, Naomi! I work in public practice and I am a die-hard Quickbooks desktop supporter. I have a couple of clients that are using QBO and it takes twice as long to prepare their year-end working papers as I miss the open window for reports. Your video on GST was very helpful. I do bookkeeping and bookkeeping cleanup for a couple of these QBO clients. I find data input to not be user-friendly. I don't have access to the client's bank so I can't do the bank feed.
I used to be a die-hard QBD user for many years, but now that I am fluent in QBO, I prefer it over QBD. But that's mainly because of the bank feed. I can do bookkeeping in half the time with the QBO bank feeds, and I am a source doc based bookkeeper! (Not a transaction based bookkeeper that enters everything from the bank feed). There are only two things I've found better on QBD: the audit trail and the payroll module. (I don't suggest using QBO Payroll if one can avoid it!).
But I'm very curious... what do you mean that you miss the open window for reports? You can get reports for any period of time on QBO. The reports interface is pretty similar in QBO and QBD, including customizing, filtering, grouping, etc. To find the date setting, scroll up (weird I know), choose "custom" and select the dates you want, and then click the "run report" button.
Let me know if you have any other questions about how to get QBO to do the things you're used to in QBD! As a long time QBD'r I've got your back!
Thank you for all of your videos! You have helped me tremendously. I wish I had stumbled upon your site/videos/channel in October 2023.
I am SO glad these have been helpful!!!
Excellent video. Very hard to find videos on GST and payroll using QBO. Most videos are for the USA.
I'm so glad you found it helpful! I'm glad to get some Canadian Content out there :)
Watching this video too lol, i'm hooked!
Just a tip, you can change the view of the menu from Gear icon. The setting to change is in the bottom right when you click the Gear icon.
Right now you're using the "Business view" which is new updated UI. You can change it to "Accountant view" which is the more detailed, more familiar view.
Hi There! Thanks so much for the lovely comment! Yeah... I figured that out after publishing the video! LOL! I'm so glad you are mentioning that so others can see! Thanks so much!!!
wow ! it was amazingly presented ! Please keep uploading Canadian bookkeeping videos.
Thank you thank you!!! What an encouraging comment!!!
Hi Naomi, this is very helpful as I am planning to migrate our accounting software to QBO. Is there a way to set up PSB rebate in QBO, which is 50% of the federal portion, and 82% of the provincial portion. They are on a separate line in the rebate form. Thank you!
Hi Naomi, very helpful video!! Thanks so much. My only question is: is there a way to account for Quick Method filling in QuickBooks?
We filed HST and submitted, and the CRA refunded the amount we requested. When I went to record the refund, I now see that the Net Tax number has changed, the variance is in the ITC and Adjustments. Is there a way to find out what changed in Quickbooks? I've rerun the reports, the ITC's look fine, but somewhere buried is an adjustment I can't find. Thanks for any help!
So helpful, thank you! Do you have any video to how I can lock the period.
I'm so glad you found this helpful! I do not have a video on locking the period, but I LOVE how in QBO you can lock a period with a password, so that you don't accidentally change a prior period, but you can update memos and inv#s and other non-GL affecting changes by putting in the password when you need to. Lots of flexibility! To do so, go to settings (cog at top right) -> Company Settings -> Advanced. Here you can turn "Close the books" on and off, change the date, and change and set the password. Hope this helps!
Awesome thanks for guiding so thoroughly.
Thank you for your comment!!! I'm so glad you found this helpful!
Very insightful video! Thanks
I'm so glad you found this video helpful! Thanks for the comment!
Thank you for the video, Naomi! I have a feeling that with QBO you not only have to know bookkeeping but you actually spend more time to figure out how to use this QBO (not a big fun of it at all). So if HST report was not created in client's QBO - i cannot really record the refund received? since as you mentioned the bank feed doesn't recognize it. Also, when i'm trying to create HST report for the past period, numbers differ from the report filed, i guess the previous accountant did some shortcuts and i have to clear it all up. Any help appreciated)
If the GST/HST filing tool was not used, then you will just need to do the transactions manually. It is possible to get the GST/HST Filing tool working again, but that's a bigger answer than just a comment. In QBO, "GST/HST Payable" is the GL account used to track HST Collected AND HST paid on expenses. "GST/HST Suspense" is the GL Account used for HST Filed and owing. So, a refund would go to GST/HST Suspense. But there is a lot more to doing the GST/HST manually. A bit too much to answer in a comment. A QBO Advance Pro Advisor should be able to help you out.
Wondering about a business just started, and not yet reached the $30k threshold. How wd one book the HST collected & paid? Maybe 'out of scope'.... just for those first months or until the sales get up there?
If a business is not registered to collect HST, then there is no HST to collect or claim on expenses. There is no need to set up the tax on the software until the business is registered to collect and remit HST. If the sales tax is already set up on QBO, then yup, as you said, choose out of scope for all of the transaction entries until the date the GST/HST account is opened with CRA. Still enter the full amount paid for the expense; the HST is just extra expense until the date your business is registered to collect HST. Here's a chart on when you need to register for GST/HST www.canada.ca/en/revenue-agency/services/tax/businesses/topics/gst-hst-businesses/when-register-charge.html Hope this helps!
I am just getting started I'm confused on how to do a journal entry for my hydro bills because of the rebate. The HST amount is off.
Hey Addie! There are a couple of options: If your hydro bills are 100% business expense, then you can enter the bill using the expense or bill entry screen. You can correct the HST if you use the "Exclusive" tax option. If your Hydro Bill is $107, ($100 + $7 tax), and you're in a province that charges 13% HST... then yes, when you put in $100 pre tax, QBO Calculates $13 in the HST box. But you can change the $13 to $7 and hit save, and it will save with the amount inputted for HST :) This also works if you are only putting in a portion of the bill if it is not 100% business.
If you want to correct the HST amount on a journal entry, you can put the HST on it's own line. Don't choose HST on the JE line you put the expense on though. Instead, on the next line below, choose "GST/HST Payable", input the amount... and THEN be sure to select the ITC (HST on purchases line 106) option on the right. It looks something like this (before I delete the top row in the vid, as I was doing a video about how to do a tax adjustment) ua-cam.com/video/Pcu-fB3llvk/v-deo.html
Hope this helps!
😉 Pᵣₒmₒˢᵐ