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Wildwood Canada Spire Help

How to handle HST remittance in Spire

 
This is probably the simplest and clearest method of handling HST remittances (refunds) in Spire. There are several alternate ways to deal with HST; only one is outlined herein.

This page does not cover unusual situations or special cases. It is meant to be basic.

You will have two HST GL Accounts: HST Collected, and HST Paid (ITC or Input Tax Credits).
In this example these are GL Acct #21400 and 21410.

First of all, you should set your "Modify GL Entry" permissions in Accounts Payable to "Modify GL Transaction".

 

Create a Vendor for CRA HST remittances and call it "CRA-HST". Remove the Sales Taxes from this Vendor. The default GL Expense account doesn't matter.

 

When it comes time to remit, lookup the balance of each of the HST GL Accounts. In the example, we are remitting for Jul-Aug-Sep, in October. Therefore we are interested in the GL balances as of Sep 30. Note this isn't an entirely realistic example, as there has been no activity in those Accounts!

HST COLLECTED:

 

HST PAID (ITC):

 

We see from these two GL Accounts that the balance of the HST Collected account is 130,177.88, and the balance of the HST ITC account is 39,487.64. The net amount owing is therefore 90,690.24.

 

In Accounts Payable, create a new Invoice for Vendor CRA-HST.

NOTE that the Post button says "Post and Review GL". If it simply says "Post", you must click the tiny arrow to the right of it to see the "Post and Review GL" button.
You MUST click on the "Post and Review" button, because you MUST alter the GL Entry that is automatically generated by the Accounts Payable function.

The GL Entry screen will appear. You will need to edit this journal entry to clear out both HST GL Accounts.

 

Change the GL Accounts: Remove the "Postage Expense", or whatever was there. Insert lines for HST Collected and HST Paid, filling in the appropriate amounts.
You will need to debit HST Collected, and credit HST Paid.

Click OK when you are satisfied with the entry to Post it.

 

When you actually remit the HST, process a Payment on this Vendor.

 

REFUND SITUATION

If your HST Paid is more than your HST Collected for the period, you are entitled to a refund.
In this case, you would enter a Credit Memo in Accounts Payable for this Vendor CRA-HST. In this case the GL Entry would still be debit HST Collected and crediut HST Paid, and the balance would be a debit to Accounts Payable.

And when you later receive the refund, enter it as a Debit Memo in Accounts Payable. In this case the GL Entry would be debit to Bank and credit to Accounts Payable.

 

 
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