If you've already submitted your GST for Sep/Oct/Nov but have realized that some supplier invoices from Oct/Nov were missed, you can make adjustment recording accordingly in QuickBooks Online (QBO), @kelly.
It's important to ensure that the adjustments made in QBO align with the requirements of your tax authority and that you maintain accurate records of these adjustments for your records and potential future audits. To do this, you should create a GST adjustment by using the correct account type when adjusting GST. You need to set up an expense account. If you need to raise your GST payable, you should establish an expense account, or if you need to reduce it, you should create an income account.
Here's how:
- Go to Settings and select Chart of Accounts.
- Select New.
- From the Account Type ▼ dropdown, select Revenue or Expenses.
- Select the account’s Detail Type.
- Use Sales of Product Revenue for an income account.
- Use Taxes Paid for an expense account.
- Name your adjustment account (for example, GST due increase).
- Press the Save and Close button.
Once done, enter the adjustment by heading to the Taxes tab. Follow the steps below:
- Go to Taxes.
- Find the tax period you need to adjust, then select Prepare Return.
- Next to the entry you need to adjust, select Adjust.
- Select the Adjustment date and the Tax rate.
- Select the Adjustment account for adjusting GST.
- Choose an expense account if you need to increase the GST due.
- Choose an income account if you need to decrease the GST due.
- Enter the Adjustment amount.
- Enter notes in Memo, then select Save.
However, if you forgot to upload and save some of your invoices for GST, you can still consider those invoices on your upcoming GST Return filing.
Lastly, if you decide to un-file your GST, reversing a tax return can be we handle this procedure on your behalf. To maintain the accuracy of your financial records, please our contact QuickBooks support.
I'm adding these resources for your guide on managing your GST filing:
Please know that we're always here in the Community to help if you still have other concerns or follow-up questions regarding your QuickBooks account. I'll be glad to help. Take care.
