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HST

Preparing QuickBooks for HST

Quickbooks 2008/9/10 - you will need to add two sales tax items and one sales tax code.
Select Lists > Item List
New sales tax item
HST (13%) on Sales
Tax rate % = 13% (be sure to enter the % sign)
Tax Agency = “Receiver General”
Sales Tax Return Line 103
> Next
HST (13%) on Purchases
Tax rate % = 13% (be sure to enter the % sign)
Tax Agency = “Receiver General”
Sales Tax Return Line = 106
>OK

Under Lists, select Sales Tax Code List
From the bottom, select Sales Tax Code > New
Sales tax Code = H
Description = HST
Check “Taxable”
Tax Item for purchase = HST (13%) on purchase
Tax Item for sales  = HST (13%) on sales
>OK

Note: If you sell to Nova Scotia (15%) or BC (12%), you will need to set up additional items and tax codes for those provinces. Customers can be assigned a specific tax code.

Which sales tax code to use (effective July 1, 2010)
If you are doing business with a company located in Ontario, New Brunswick, or Newfoundland, use the "H" code.

If you are doing business with a company located in BC, use the BC code.

If you are doing business with a company located in Nova Scotia, use the NS code.

For all other provinces, use the "G" code (GST only)

*** QuickBooks 2007 & prior users should upgrade to QuickBooks Pro 2010