The GST rate is 5% and the HST rate is 13% in QuickBooks. These rates come into effect on Jan. 1, 2008.

If you enter transactions dated before Jan. 1, 2008, you must calculate the GST on them at 6% or the HST at 14%.

To change the GST or HST rate, you can:

RECOMMENDED:

Manually calculate the GST at 6% or the HST at 14%, and update the tax amount shown at the bottom of invoices, bills, and other business forms to the correct amount. If you do not expect to enter many transactions before Jan. 1, 2008, this method will ensure your current tax amounts are correct while leaving QuickBooks set up properly to do automatic calculations for you at the new rate.

OR

Change the GST sales tax items to 6% or HST sales tax items to 14%, then change them back to the new rates on Jan. 1, 2008.

Sales tax items are found in the Item list. For information about changing their rates, search the help for Changing a tax rate in a sales code.

For more information about the new GST, visit EXCERTA.CA.

If you would prefer leaving it to a QuickBooks Pro Advisor, simply call us at 416.766.2030 to book an appointment with one of our courteous professionals. We would be more than happy to provide the service.

 

About eXcerta

eXcerta Network Services Inc.is a leading provider of network and computer support services, allowing small businesses to concentrate on their business rather than their technology.

Except for historical information contained herein, this news release contains forward-looking statements that involve risks and uncertainties. Actual results may differ materially. Factors that might cause a difference include, but are not limited to, those relating to the acceptance of outsourced services and the continued growth of e-commerce and m-commerce, the increase of the demand for just-in-time inventory, the market acceptance of our principal services and sales of our customer's products, and the impact of competitive services, products and technologies. eXcerta will not update these forward-looking statements to reflect events or circumstances after the date hereof.