How to File and Undo GST/HST Returns in QBO

Hello everyone. Today we're going to look at how to file a sales tax that is a GSTHST return in QuickBooks Online for the first time. And also how to undo or reverse that filing. So without further ado, let's look at how to do both things. To access your sales tax tab, you would go to sales taxes on the left hand side.

Before.

Doing this, you would have set up your sales tax and you would have entered some transactions. I have a video on setting up sales tax that you can take a look at. So here we see the to file returns, but we can also see that no returns have been filed, which would appear in a separate section here. So let's go ahead and file the tax return. The gsthst return for 2021 we would click on Prepare Return on the right hand side. It comes up with this interface. You can choose your filing period. For many of you it is going to be yearly. Some of you will have a quarter quarterly return. Small businesses tend not to have monthly returns, but some of you do. So you choose whatever applies to your situation. The important thing I'm going to stick with yearly. The important thing here is that your dates agree to the dates of the period that you are filing. This is our first return. We're a little late. Our first return is for 2021 and so we are going to select select January 1, 2021.

To December 31, 2021.

You'll see it gives you the amount of tax due. The filing date should be the date that you're filing the return. Which means that once we file it through here, you would submit it to Revenue Canada and or Revenue Quebec so you can review the amounts. You had $5,500 sales.

We collected a certain amount of GST HST. We paid a small amount of expenses. Our business was very small in 2021. So now the first thing you want to do is print the return. I like to save this as a PDF and you can save it as a PDF to somewhere on your computer.

So once you have done that and you are ready to submit it to the government, you can click Mark as filed.

And continue.

If you're planning to make a payment today, you can go ahead and record this payment or you can record the payment afterwards.

Let's close that.

And you'll see now under the file section that this return is reflected. The next step after you have filed your return is to submit it to CRA Revenue Canada and you can either go to your My Business Account online portal and submit it there or you can use online banking. If you have a business bank account, most of the banks and in Canada will allow you to file directly through the bank and the actual process of doing that is available through a blog post that I will put in the comments section and in the description section so that you can see how it is done and will also be the subject of a future video. For now, let us look at.

How to now undo this or reverse this filing.

After having filed this return, we might realize that we've made a mistake. A couple things to keep in mind though. First, if you enter some transactions that relate to 2021 after this return has been filed, QuickBooks will actually track them and show them in the next period as an exception and will add it to the amounts. So it does a very good job of making sure that you don't miss any transactions when you are submitting your filing. The second thing to keep in mind is when you're undoing a filing you have to make sure that you does not put your accounts out of whack for lack of a better way of putting that. Which means that if a tax return has been filed, if financial statements have been filed, you want to make sure that everything lines up and agrees. Otherwise you could have problems reconciling one to the other. Okay, so now let us look at how to undo this filing. Click on the little arrow here and you'll see there is an Undo filing section over here. So you would click on that.

You get a little message. It says it won't affect any payments or returns that you sent directly. So if you've already filed with Revenue Canada or sent them a payment, this isn't going to have an impact because that was done outside of the system. Now you can simply click on Undo Filing.

And then you'll see it reverts back to exactly where we started.

So that is a simple overview of how to file your return and also how to undo the filing. If you have any questions or comments, don't hesitate to leave them in the comment section. Or if you would like to see a video, another video on this subject or anything else relating to QuickBooks online or small business in Canada, please you can also leave that in the comments section. I hope this was helpful. You can like subscribe and also check out my website of montrealFinancial ca. Have a great day.