The following instructions are to walk you through how to obtain the needed information from CosmoLex to complete your combined HST filing.
- Line 101 is the Total Sales for the time period being filed.
- You could run a Profit & Loss report for the period to get this total sales number.
- Line 105 is the Total HST collected on those sales:
- In CosmoLex, you can get this number from the “Billed/Collected HST Report” or General Ledger Detail for Account 2201
- Line 108 is the Total ITC Credits, which is the total HST the client has paid out on disbursements and expenses.
- In CosmoLex, you can run the “Paid Taxes Report” or the General Ledger Detail for Account 2202. You have to ensure that no previous installments are included in the 2202 number.
- Line 113 is the total amount of either refund or payment.
- In CosmoLex, take the Total HST Collected minus the Total HST Paid and this gives me the balance payable or refundable.
- The last step is to enter a journal entry from 2202 and 2201 to Account 2200. This final amount should be the total you owe in HST so that when they make the payment you can apply to GL 2200. More detailed payment related journal entry instructions are covered in this article.