Brief Accounting - Handling HST
On July 1, 2010, the Harmonized Sales Tax (HST) will be introduced in British Columbia and Ontario, Canada.
Brief Accounting has built-in functionality to handle HST without having to change tax settings or percentages manually. In Brief Accounting, simply check the following:
Company Module > GLSetUp tab > Tax / T&B side tab
Check the 'Use Historical VAT Data" check box. Click 'Accept'.
ALSO check the Historical PST Data check box.
Note: Do not change any of the tax names or percentages
Once you have confirmed the above setting:
Slips dated prior to July 1 will continue to use GST:
Slips dated July 1 and later will use HST:
You may have slips on a single invoice that are dated on either side of July 1, 2010, meaning both GST and HST need to be reflected on the invoice. Brief Accounting will handle that scenario and will indicate the applicable tax on the invoice itself:
After July 1, if I enter slips dated PRIOR to July 1, what do I need to do differently?
Nothing. Brief Accounting will use the applicable tax based on the date of the slip itself, regardless of when the slip is entered into Brief Accounting.
Do I need to create a new GL Accounts for HST?
No. It is very important that you continue to use your GST refundable and GST remittable GL Accounts. We do recommend changing the name of these accounts. (ex. "GST/HST - Remittable").