040 | GST - Next Step: Setup
Updated: Nov 10
Now in Step 2 after you have registered, you can setup your books appropriately.
We suggest utilizing cloud based accounting software such as Quickbooks (especially as we are self-professed technology obsessed Quickbooks Pro-Advisors!). There are many other options to you for cloud accounting, so choose a platform that you are comfortable with, and one that fits your budget.
Once you have chosen your method to record your monthly sales & expenses transactions, you would setup your books with your new GST number and with the reporting frequency assigned to you by CRA (monthly, quarterly, annually).
Most importantly, ensure your invoices are updated with your GST number, and with the GST amount charged appropriately, if applicable to your business and client.
And as always, we are here to help! Contact us with your questions.