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Hello everyone!
Has anyone screwed up a GST return? Looking for help to fix. (we filed the accurate amount manually with CRA, but still have to fix AgEx records.
We accidentally input GST sales, instead of GST collected, using the general journal. Ultimately a much larger amount than was accurate. A reverse GJ entry, didn't fix it for the following quarter.... Thank you!!
Hi Kent,
There are a few ways you could fix this. By entering a journal entry to fix the gst paid or collected, you can process a new return afterwards and the correct amounts should be reflected, however seeing everything has already been correctly filed with CRA I would do something a bit more simple, and simply address the issue when you go to enter the actual refund/payment. For instance, if you ended up getting a refund, do a deposit, A/R line against the incorrect amount AgExpert calculated, and then create a new line, EQ, to a new account called GST adjustments to put the difference there. Similarly if you owed CRA money then you would do a withdrawal entry for the actual amount paid, payable payment line against what AgExpert incorrectly calculated, and then again an EQ line to GST adjustment account for the difference. I recommend double checking with your accountant first as they might have a different preference on how to tackle this. I hope this makes sense, but that said it might be easier to explain over the phone if you time this week to give us a call at 1-800-667-7893. Thank you!