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Recommended Prerequisites:
A basic understanding of QuickBooks and an understanding of Sales Taxes legislation
Version:
QuickBooks Pro 2009 (Canadian Version)
Course length:
90 minutes
Cost:
$59.95 + GST
Materials:
Each course includes a step-by-step guide of the subjects taught to help students successfully implement what they learned.
QuickBooks Sales Tax Training
Your business needs to collect, track and remit GST/HST to the federal government. Depending on where your business operates, you may also need to collect and pay provincial sales taxes. This course will provide you with all the training you need to track and pay sales taxes in QuickBooks.
The QuickBooks sales tax feature handles all federal and provincial sales taxes. In this course you will learn how sales taxes are calculated in QuickBooks. You will review the various tax codes, sales tax items and sales tax agencies that were automatically set up when you created your QuickBooks company file.
This course also shows you how to track sales taxes used in transactions. You will learn how to set up industry-specific taxes, change the tax rate, add sales taxes for multiple provinces and assign tax codes to items, customers and vendors. Lastly, you will also be shown how to print sales tax reports and file sales tax returns.
Learning Outcomes
Students who complete this course will know how to:
- Discover how sales taxes are tracked in various transactions in QuickBooks
- Create and edit sales tax codes
- Edit sales tax items and sales tax agencies
- Set up industry-specific taxes
- Assign tax codes to items, customers and vendors
- Set up sales taxes for other Provinces
- Make an installment payment for GST/HST and PST
- Record compensation/commission for provincial sales tax
- Make a sales tax adjustment
- Print sales tax reports
- File sales tax returns
Why You Need This Course
Sales taxes are a fact of life for business. Collecting taxes, tracking how much was paid, and preparing the forms to remit taxes to the various levels of government can be a very labour-intensive process. Fortunately, QuickBooks makes it easy for you.
When you set up your company, QuickBooks uses the province selected to determine which taxes you should be paying. It then calculates provincial and federal taxes separately based on sales tax codes you assign to customers, vendors and the items you sell. This course discusses how QuickBooks calculates the taxes and shows you which accounts it uses to track sales taxes.
Sales tax rates do not change often but it is important to know how to change them in QuickBooks. This course shows you how to add and edit sales tax codes.
Various items and services you sell may be taxed differently. The items you purchase for your business are also taxed. This course shows you how to use tax codes to ensure the correct taxes are applied to each item bought or sold by your business. You will also learn how to make adjustments to sales taxes, when necessary.
You need to process sales tax returns and remit payment to the applicable levels of government throughout the year. QuickBooks automates this process through its File Sales Tax function and detailed GST and PST liability reports. Learn more about QuickBooks reports and sales tax returns in this course.
Disclaimer:
Since these courses do not deal directly with specific and individual requirements, it is recommended that students obtain the necessary advice from an accountant, employer, QuickBooks® ProAdvisor® or such other appropriate expert with regards to their specific requirements or guidelines.
