Community Forum Portal/Portail du forum communautaire
AgExpert Analyst question - I have needed to pre-pay GST through out the year. I have been putting it as a transaction EX to 5848 GST Payable. But when I print off the GST report it does not have it listed anywhere. Where should I be putting these transactions to get them onto line 110 of the GST return?
Good afternoon Sharlette.
AgExpert Analyst actually will not fill out line 110 of the GST return. This is something that will need to be done at the time of submission.
AgExpert will give you the report without the instalments. When you netfile, you'll include that number so that your amount payable is lower (or, your refund is higher, depending on the situation). The adjustment will be made at the time that the payment is made/received.
Your transaction should look something like this:
https://uploads.disquscdn.c...
You will setup based on your individual situation, but in general, this is how it would work. As a side note, it is actually better business practice to assign your instalments to an asset account, rather than an expense account, so it doesn't affect your net income throughout the year. If you adjust to track this way, you would enter the payments you make as an A+, and when you apply your instalments, the second line of the above transaction would be an A-.
Let me know if you have any further questions!