File GST

Software: QuickBooks accounting software

You need to file GST.

When using QuickBooks Canadian version, after your GST Cycle, you are required to file your GST.

From Sales Tax menu, select File Sales Tax …, to starts filing your GST (Note: In Singapore, QuickBooks Canadian WILL NOT automatically files your GST online or link with IRAS web site).  The objective of filing GST is to clear the tax amount off from your GST Payable account (Other Current Liability account).

In your File Sales Tax wizard, select your Tax Agent, and change the “From” and “To” date according to your filing period. QuickBooks will calculate the GST amount payable automatically (check the Tax On Sales and Tax On Purchase amount, ensure they are correctly stated), then, click the File Return button (at the bottom of the page) to proceed with the filing.

If there is any tax refund, QuickBooks will prompt you whether to “Receive Now” or “Receive Later”. Usually, you will use “Receive later” as IRAS will only paid after the filing. QuickBooks will generate a journal to credit GST Payable account and debit Accounts Receivable account. You can track the payment from your A/R ageing report (a new customer “Tax Agent name – Receivable” will be created).

Note: Remember to file your GST using IRAS Form 5.