Accounting for HST Remittance

jduff

Hi, I remitted my HST to the CRA and now that the bank transaction is in Wave I'm trying to figure out how to apply that transaction to my HST Payable. HST Payable is not an option for the transaction category, but if it was I believe that would do what I'm looking for.

Is there another method to account for the HST remittance that I'm maybe not thinking of?

Alexia

Hi, @jduff,

One of the options at the top of the category list in the Edit Transaction frame is "Sales Tax Payment/Refund from the Government". Pick that option and you'll be able to choose a specific tax payable account. Here's where you'll find it:

jduff

Thanks Alexia, I'm having trouble finding how you get to this Edit Transaction frame. This is what I see when viewing the details of the transaction.

Is there another place I should be looking for this?

Alexia

Hi, @jduff,

I apologize, I didn't realize your account was using the old version of Wave. The process isn't much more complicated, but it will have to be entered as a journal entry.

You'll have to delete the transaction uploaded from your bank and then create a journal transaction. You can do this by going to Journal Transactions, under Accounting, in the menu on the left. That journal transaction should look like this:

• A credit to your bank account for the amount paid
• A debit to your tax payable liability account for the same amount.

Let me know if you have any questions!

jduff

Thanks Alexa, I did something similar by adding an expense account HST Remittance and doing a journal transaction to move the amount owing into that account, then categorizing the bank transaction to that new account balanced everything out.

You mentioned that I'm on the old version of Wave, is there any way to upgrade my account to the newest version? The updated design was applied to my account already but I still don't have the edit transaction behaviour you were showing.

Thanks!

Alexia

Hi, @jduff,

No, there isn't a way to push the update onto specific accounts. The rebrand was an entirely different project from the accounting updates, worked on by different teams. The updates are heading to your account, but I can't give a timeline. We're migrating accounts in waves (no pun intended) as the resources become available and hope to be done in the coming few months. We have to be careful throughout this process to ensure the integrity of your data, so we have to take things slowly. The updates are coming, and I promise you, we can't wait to bring everyone to the same version of Wave.