In Canada, if you forgot to finalize your last HSY/GST/QST report, the first thing to do is to check that the figures you produced when you ran the report are the same as those that the report will produce if you run it again.
Why might they have changed? Simply because you may have backdated or corrected
an old transaction – because these haven’t been processed for GST, they will appear in the next GST return.
Rerun the GST return and check the numbers against the one you used when you filled out your GST Return.
If the numbers are the same, simply finalize the report and run it again:
- the cycle date will be updated for you automatically.
If the numbers are different you should:
- Reset the GST Cycle date to the end of the current cycle.
- Run the GST report. This will give you a combined GST report for the two cycles.
- Subtract the figures from the GST Report you used in the last cycle from this combined report. These represent the incremental GST processed since the previous GST return.
- Base your return on these differences. Note that you will not be able to use the GST Guide.
In both cases: remember to finalize your HST/GST/QST report.
For more information about MoneyWorks Support in Canada, in the USA, or in the UK contact www.moneyworkssupport.wordpress.com