Like many businesses, you collect the GST and QST for the government. You accumulate these taxes until you have to send them to the various levels of government. The operation may seem easy, but the task can quickly get complicated, especially since you are entitled to a refund of these taxes on your disbursements. Our team has thought of everything and we have integrated into Collabox a perfect tool for tracking your tax rebates. In addition, we even had the wonderful idea of presenting the most important information in tabular form with the correct codes when you do your tax returns. We like to make your life easy.
To access this report, you must first access the “Accounting” module by clicking on its icon located in the top menu bar.
Then the report is accessed by clicking on “Tax remission” in the left sidebar.
The next step is to choose the time period you want to display. So you can see your discounts annually, quarterly or monthly.
The top table gives you a summary of all the tax information you need. Collabox automatically calculates the sums of taxes that you have collected, but also those that you can deduct from your disbursements. Below the table, you will find the details of all your invoices as well as your disbursements with their respective taxes.
Granted, the tax jargon can be complicated. This is why we take the trouble to explain it to you with the help of information provided by Revenu Québec .
Inputs: We mean by inputs all goods or services used or consumed in your business activities.
ITC: Input tax credit
RTI: Refund of input tax
The numbers that you can see with the titles correspond to the government numbers. These numbers are those of the boxes of the tax return.
At the bottom of the page, Collabox shows you the amounts you have to pay and what you have already paid. Are you due to make a payment? Just click on the “Create a GST and QST payment” button. Collabox will take you directly to the right place to enter your payment. The correct amounts are already entered, so there is no chance of going wrong. If you pay by check, you can enter its number and Collabox will record the payment and redirect you to print your checks. It’s simple as hello! Once the payment has been made, the summary in the “Tax remittance” page is adjusted automatically. It’s almost magical.