I opened a new business an IT Support.
Do I post my montlhly reconciliation after I submitted my report to GST and PST? or before?
Thanks, Stéphane
- posted
15 years ago
Reconciliation
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- posted
15 years ago
What "monthly reconciliation? would that be? If you mean reconcile the bank -you might want to as a step to ensure transactions are not missing. The step of reconciling will not affect those reports otherwise.
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15 years ago
So what you are saying is that it does not matter either way?
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15 years ago
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- posted
15 years ago
What I am saying is -if you do the reconciliation you may find transactions which are either wrong or unrecorded which may affect those returns. Not doing the reconciliation will not prevent you from filing your sales taxes.
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- posted
15 years ago
Others already replied, and I'll add a general comment as well. I think it is better to do taxes after reconciliation. It doesn't really matter if there are no mistakes; but if reconciliation uncovers errors, naturally, it is better to have those fixed before you send out tax reports.
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- posted
15 years ago
------------------------------ GST = Goods and Services Tax, a Canadian Federal sales tax. PST = Provincial Sales Tax, a Retail sales tax by Canadian provinces.