Adding GST and PST to your invoices in BC

If you are using MoneyWorks V6 in BC you will now have to convert back to GST & PST (see previous article) and then add the GST &  PST to your invoices. If you were using MoneyWorks prior to July 1, 2010, you most likely have the appropriate fields on the form, In any case you will either have to modify them or add them to your invoice form using Forms Designer. At the bottom of the invoice you will need the following calculation fields: Continue reading

Setting up new Tax Rate for Quebec in Moneyworks

NOTE: The previous post was incorrect this update hopefully corrects that.

Rate change starting Jan 1, 2013 : As of January 1, 2013, the provincial rate will no longer be applied to federal GST, but it will be increased to 9.975% to compensate.

The existing tax codes in MoneyWorks will record the new tax rates correctly as the resulting tax rate remains the same, e.g. 14.975%

However if the Quebec government decided to change the tax rate in the future, changes would have to made to the MoneyWorks tax codes. So your choice is to do nothing until the next tax rate change or do a change now that will allow you to more easily manage tax rate changes in the future. Your choice.

Read on to see how to make the change now.

Continue reading

Everything about HST GST PST QST reporting for Canada

Q: Does MoneyWorks handle canadian Sales Taxes?

Yes, when you create you new company file (see Create a new MoneyWorks File video) you select Canada and your province or territory from the drop down list. Then when the file is created the default sales tax for your province/territory is created. Continue reading