Sales Subject to Tax vs Profit
Ivan1111111111
Member Posts: 4
Hello everyone I hope this question is not too obvious but I appreciate any help or insight.
GOAL: I am trying to figure out how much tax I have collected from all my invoices in 2021.
ASSUMPTION: The total amount of sales subject to tax from the sales tax report should be the same as that in the profit loss statement (either gross or net) for a given period.
ISSUE: my net profit and gross profit from the profit loss statement are very different from the totals in the sale subject to tax for the same period.
It seems like a pretty straightforward thing in order to reconcile my HST I need to know how much tax I have collected so I can put it against the tax I've paid and all my expenses. I'd appreciate any help or insights. Thank you.
in Accounting
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