2 Nov 2023 | Windward Software
GST Remittance
This Windward Webinar discussed the handling of GST Remittances in detail, including how to collect GST from customers, pay GST on purchases, and track these transactions within Windward System Five.
- Ivory, the moderator, introduced Abby, a software specialist with windward software, who discussed the topic of GST Remittances.
- Abby explained GST is dealt with the Canada Revenue Agency and is divided into two categories; GST collected from customers and GST paid on purchases.
- Abby demonstrated how to use their software to track these transactions, through the default ledgers 10 80 (GST tax credit) and 20 18 (GST collected).
- She showed how to run a trial balance and tax report to calculate the GST due to be submitted to the Canada Revenue Agency.
- Abby also demonstrated how to create a bill to the Canada Revenue Agency in their software to clear out the GST accounts.
- Abby highlighted the webinar archives and other available resources on their website, including their customer care portal and Windward Learning Academy.
- She also mentioned their emergency ticket system and professional services.
- During the Q&A session, Abby and Ivory addressed questions about matching sales totals in different reports and the difference between tax area and tax zone reports.
- Ivory concluded the webinar by thanking Abby and the participants, and inviting them to the next webinar about paying AP bills using a credit card.
0:06
Hello, good afternoon, everybody.
0:08
Thank you for joining our webinars for today. My name is Ivory and I'll be your moderator for today's presentation.
0:15
At the end of his presentation we'll take some of your questions. You might want to enter them into the questions question box.
0:22
Just make sure that the questions are detailed and specific, just in case it is something coming from the first part of the presentation. Also, um, any questions that we can't answer today, we will answer them offline afterwards, or you can submit or create a ticket, which you can track on to the portal at support that when we're software dot com, and support can be able to help you out with that one, as well.
0:50
Also, now, we have We can now access past webinars presentation on our website, ah.
0:56
And all the presentations are in there. The past presentations are ...
1:00
in there, and the website would be WWW dot windows software dot com slash webinar.
1:07
For today's presentation, we're going to be discussing GST Remittances.
1:13
There's also a great topics, especially that we're coming for the year end, almost a year end. And our speaker for today is Abby, and she's one of the tenured software Specialist with when Word, and she's built the evolution with a company for over four years now. So, let's get started. Take it away, Abby.
1:36
Hello everyone, Good afternoon.
1:39
And, yes, she has the ... is our topic for today's webinar.
1:43
Hastily this webinar will discuss how G S T is dealt with the site to pay Canada accustom at red Agency.
1:54
So, we have, ah, to size GST are good at just tax.
2:01
one is the JRC we collect from our customers.
2:07
And the other one is the GST that we pay our Purchases.
2:13
The default ledger's are 10 80, right? The GST tax credit.
2:20
It's the GST that we collect from all worked 20 18.
2:27
For GST collected, this is the GSA that will pay on our purchases. They do not need to remain those numbers.
2:36
Prefer to become members, then it can be all set up or the Chart of Accounts.
2:44
Jane for our demonstration?
2:48
Those two ledger accounts, and I'm good now.
2:54
Brian light balance sheet here.
3:03
For the correct dates.
3:11
To show you that.
3:17
The GST input tax credit and the.
3:22
That said it, 10 80 to 84 TST Abell.
3:34
And so, those two accounts, or the ... account, is going to get increased when we do a sale, because that's going to be the ... from our customers, and it will be on a complete sales.
3:49
So, that would be, Are our accounts receivable or a cached type of invoice?
4:15
OK?
4:29
eight.
4:42
State.
4:54
Sorry for that.
4:57
Oh, there we go.
4:58
So, let's sell it project here.
5:17
Sandy?
5:24
The GST assume it is still Dollars.
5:28
And I'm gonna close this Boys.
5:36
Go to the Balance Sheet again, too.
5:41
Beauty, Just E, that lead, Customer T.
5:57
L a T N.
6:07
OK?
6:10
Let me just leave it.
6:32
We run a trial balance.
6:58
Sir there, 16, $16.
7:03
Yeah, Collected our customer.
7:06
So, for the 10, 80, that is going to be increased by meals that we will get from our suppliers.
7:18
What's this?
7:25
Data?
7:26
Go to the accounts payable else.
7:29
Add ales.
7:41
Say.
7:58
I'm gonna good productivity dollars and GST hal 7, seven dollars and 50% per hour, 10 AD accounts.
8:12
Save this.
8:22
I'm going to go back to the Trial Balance.
8:38
So here's that the nationally are the $7 to cents, second 10 AD account and upset at $16 that we collected. So that would be.
8:59
Sorry, 8, 8 dollars and 50% that we need to submit to the Canada Customer Revenue Agency because we have collected more than lead paint.
9:13
All right.
9:13
We can actually bunn a tax report to show how much we need to pay, and you can either run the report or the taxes. Don't report.
9:32
You can set the type of month, or by date range.
9:36
So, I did get around this, put this up to date.
9:41
Simple.
9:45
And, of course, you can add this for monthly or quarterly period, depending on what to report that.
9:56
Still be ill.
10:00
So, here's $16 GST that we selected of the customer.
10:07
And that Michael credits here.
10:09
This is the so at all.
10:14
Tax credit, seven dollars and 50%.
10:17
And if I go to the GST summary.
10:20
So it says here, that I have collected $16, Add, I got tax credits of seven dollars and 50%, and the tax jew's $8. She said, So, this, get, this is the rate.
10:34
The model's gonna I'm gonna need to pay too CCRI.
10:43
OK, so, from this report, I can fill out my GST form, that as well, I can choose to enter a bill to the CCRS.
10:53
So, from there, and you go to accounts payable, bills, add bills.
11:06
Hey?
11:12
Use the 10, 8, and that 2080 at cal, and I need to clear out.
11:23
So, that would be, say, this 16.
11:30
All those things, seven white.
11:35
It tears, just ends dollars and 50%.
11:43
And that it's up, Allows me to sense the speed that I need to send to the CCR eight.
11:54
So, so, E.
12:06
Remember, GSD as Dave, this.
12:13
And let go go back to the vows Are a Trial balance.
12:40
Balance Sheet.
12:50
OK, now, it's showing that by 10, 80 and by 2080, are reduced by all are reduced, zero value.
13:04
So, to summarize the accumulation of the accounts, she asked me, what tax credit and GST collected on Sales will be increased by the action of creating a point of Sale as well as creating the Accounts Payable bills. Once those two accounts get accumulated, you can generate a tax report or Detection report.
13:29
It tell you how much he had collected as well as pay and those columns are going to be used when we create available to the revenue agency that we need to pay.
13:41
Aaron?
13:42
Yeah, that would be all for my presentation, or today, an bit before we proceed to our Q&A portion, I something to share with you.
14:01
So we have webinar archives, sweat ivory, had mentioned a while ago.
14:09
We can sign up for sure, webinars or the previously recorded events.
14:15
Just go to self direct dot com slash webinars and we have the upstander all available resources are listed here.
14:25
Just go to windward software dot com slash webinar sorry, dot helps literary software dot com slash help.
14:35
Also, customer care portal's, we can stretch our knowledge base or submit and trucks or tickets. Just go to support dot. ...
14:46
dot com, for our Windward Learning Academy is you can spin up your employees or how glisten based topics. Just go to Academy dot Windward on cloud dot com.
14:59
A few of in experience in terrorist system down and able to take payment can not locked into system five or you're recovering from power outage. You are qualified to submit an eerie.
15:13
She ticket, just submitted, submitted to Windward saltier dot com emergency and we have within our professional services where you get if you wouldn't want to get guidance from one of our Professional Services Specialist. working with system integrity or Accounting role, There's Pat Plan, contract account manager for a cold or just dark, legal ... dot com slash professional services.
15:44
So, if you can let clarifications or questions regarding my presentation, you may drop it down at a question box.
15:54
Thank you, Abby. So yes, we do have three questions, sir.
16:00
First question will be coming from Connie, and she says, Between the three reports, the total sales don't match? Well, you go over this. and the tax credits don't match, either.
16:16
What, sorry, the three reports IES that I only, Iran, sorry. I'm not sure what it was airport. Ah, Connie, can you please specify.
16:30
Also, there was one question for Joe Keller. What is the difference between the tax area report and the tax zone report?
16:40
Actually, it there, the differences, why those two reports?
16:51
Her lights, you, Like, for example, this tax area, gonna go, PTT?
17:02
Ah, sit.
17:11
Is same amount, but there are some details in the tax report that did not, that this taxi airport doesn't have.
17:22
So, I'm around the Bay X Don't report.
17:48
It's, in summary.
17:51
This tact so on, shows tax due.
17:57
Is chat or it doesn't count that taps Chu.
18:01
So yeah.
18:03
It's still showing the taxes collected. Other posts.
18:08
Also, there are, in, those are details, no tax, Aaron, for that.
18:15
The tax report doesn't.
18:28
That answer your question, Joe?
18:32
I hope that answers your question, Joe. Well, um, just to add onto that one.
18:37
Basically, the tax airport, if you have a tax that are area specific, let's say, for Canada, if you have different taxes for Alberta, for British Columbia from ah, what we call this from, it has got you on different taxes. On those air. Yeah, you can identify that one onto the tax airport, or you can run it separately by area in there, Ah. While I don't believe we offered a tax zone report because Taxol report is based just based on or you can, you can only narrow it down to based on the, call, this the tabs on the setup. Like, if it's tax one tax to With the name, of course. So, you can only specify by that one.
19:26
Oh, yeah. That's That's fine for the additional. And also, like I mentioned, there are some other information that are not available to one of the other reports.
19:35
So, yeah.
19:37
I hope that answers your question, Joe. and going back to Connie about the three available available reports IBA think. The report is under the three on the Tax Report. I think it's just, it's the tax area Attacks Zone and yesterday report, she was referring.
19:55
And she said, I've been using this for years into this, never, it has never matched.
20:04
Oh, the GST report.
20:07
Yes.
20:32
Those are the 3, 3 reports that she was referring.
20:40
Oh, she's asking about total sales rank.
20:42
Yeah, she's asking about total sales that didn't match.
20:48
She says, Will you go over this?
20:53
And let me Run. They said.
21:21
Sed.
21:45
Not only got one data.
21:48
Well, this one.
21:55
So, total sales, 20.
22:04
OK, well Abby's assertion. Just, just to give you a, a details, are some other information about that one, Connie, for the three reports attacks, zone, tax, area, and the GST report first of all Just Report is just based on to the ledgers Information.
22:22
So it's, it's looking at your ledger's, the sales in the I think it's the total of your total incomes. So take note that when it comes to ledger, there are some ledgers that are not considered as really a ledger for sale. Some of them are just ledgers that you grade like a like For a journal entries of that involves journal entry, while the other two reports are actually getting its information based on the invoice is created, not unless your invoice is created.
22:52
So, on, if you have a journal entry against those ledger's like costs, and income, it doesn't affect the other two.
23:03
Therefore, it's it only affects the GST report.
23:07
So, normally, you cannot expect that particular report to match on to the other two. But this, to report the GST in the Tax Airport. They should match.
23:18
And if they don't, there must be something to it needs. Support to look at, in order for us to identify what's causing the mismatch. Before there was a bug about that particular report, one of them, I think, I'm not sure which report for the GST or the tax area.
23:37
one of them is actually not, and including the returns of the items onto the report. That's why the other one is, is there sales or death?
23:49
The other one is much higher than the other one.
23:51
But it was already been fixed. I'm not sure what else is causing it.
23:56
And it could be, there's a new issue, a new glitch onto that particular or that one of the reports.
24:02
Or it's just transactions that we that we overlook that needs to be checked Meda support, I would recommend you request or create a ticket for that one, so it can be investigated further.
24:17
That way, you can also.
24:20
I know what's causing it.
24:22
And, uh, yeah, but just do too.
24:26
But this up those two reports ox area and saps the reports are expected to be matching.
24:37
I hope that answers your question.
24:52
As I found that. Is there anything else? Thank you so much, Connie, if you're going to create a ticket. Yes, we'll well have Abby or some of the ticket. Shall we're going to calling you for that one.
25:05
And is there anything else, Is there any other questions?
25:24
OK, hold on, I think there's one.
25:29
Joe?
25:30
OK, I think. I think, ah, there's no other questions left, Abby. Thank you so much again. Once again, thank you so much for joining us in our webinar.
25:40
I hope you can join us back again on our next webinar, which is, I think it's in, its in November, 20th, hundred percent. Sure, but yeah, it's going to be.
25:55
A webinar that the topic on that particular parent is also interesting.
26:01
It is about.
26:06
Pay bills, pay AP bills using a credit card. Yes, if you can be able to join us on that particular webinar. That will be great and again, thank you so much Abby for the presentation. And thank you guys for joining us today. Have a great evening.
26:25
Have a great day, guys. Bye.
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