Setting Up GST and HST in Cloud Accounting Software: Freshbooks, Wave, Xero and Kashoo
Online accounting software is revolutionizing the Accounting industry.
These easy to use cloud and online accounting tools change the way startups, entrepreneurs and small businesses track their income, expenses and overall financial health of their business.
The video above demonstrates how to set up a GST and HST sales tax rates in the popular cloud accounting software tools (Wave, Freshbooks, Xero, Kashoo).
The reason why it's crucial to track the GST and HST you collect from customers and the GST and HST you spend on expenses is to ensure your sales tax filings are accurate. In addition to this, you also want to ensure that you are not overpaying when remitting GST and HST to the CRA.
To learn more about cloud accounting and why you should stop using a spreadsheet to track your business income and expenses, read this article.
If you're unfamiliar with GST/HST rules, you may want to watch our GST and HST video series to learn some great tips. We tried to keep it as simple as possible, since the rules can be overwhelming and complex.