The tax code is specifically used only for posting Capital Accounting holdback payments that are not yet released to vendors. EH behaves similar to E1 tax code with effective
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Watch this simulation to learn how to process journal entries to correct tax codes or account assignments: Learn More: Reference Guide – Enter Journal Entry Simulation – Enter Journal Entry Documentation
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Yes, a correction is possible when an incorrect tax code has been used, in any transaction, even after it has already been processed. You’ll need to process a journal entry
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Maybe, starting September 1, 2010 First Nations status card holders have been be exempt from the provincial part of the HST for eligible off-reserve purchases. Please visit: www.fin.gov.on.ca/en/tax/hst/whatstaxable.html to see which off-reserve purchases
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For example: I receive an invoice from a US vendor for goods I purchased and were shipped to our lab. There should be NO need to self assess the HST
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Take a look at the HST Tax Code Summary table (see link below) to get a list of all available tax codes, their respective effective tax rates and examples of
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NOTE: If the conference was held in Canada and no taxes are indicated on the receipt, contact the vendor to find out why. If they say it is not
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If the invoice doesn’t strictly identify the HST AND does not have a business number then no self-assessment is required and no HST rebate should be taken. The transactions should be processed using an
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Effective Sept 1, 2017, the University will no longer keep any of the HST it charges on sales. All HST revenue tax codes have been updated to reflect this change.
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There are five non-HST provinces including Quebec, Alberta, British Columbia, Manitoba, Saskatchewan, as well as the Northwest Territories, Nunavut and Yukon. Provincial portion of taxes incurred in a non-HST province
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The University of Toronto Expense Report/Accountable Advance Settlement form should be completed and signed for every reimbursement. As illustrated in the form, unless HST exempt (E0), an alpha-alpha (e.g. ER)
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The Expense Report form and ERDD on the Web screens include G/L accounts for public transit, as well as the appropriate tax code to differentiate public transit from rail/bus. New G/L
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Occasionally you may get an invoice for payment of only the tax portion of a purchase. This sometimes happens when you purchase goods/services and the invoice for the taxes is
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Drafts in British Pound Sterling (GBP) are expected to be discontinued in the UK as all large-scale banks are in the process of moving away from paper disbursements . As
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The Form W-8EXP is a Certificate of Foreign Government or Other Foreign Organization used for US Tax Withholding and Reporting. It is primarily intended for foreign governments, international organizations, foreign central banks of issue,
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When you receive a payment authorization via E-Signature/e-mail, you will need to consider the presence of the following components before taking next steps with respect to payment authorizations: A statement
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External organizations often request information about the university when conducting business with departments/divisions across the institution. Some of the most common questions include: What is the University’s legal name? What
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For vendor payments over $50,000 (before tax), users are required to attach supporting documentation (e.g., invoice) to the transaction in the system before the cheque/draft/EFT is sent. If documents are
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Choosing the correct General Ledger account ensures that the University is accurately recording all financial transactions. This flows through and impacts the accuracy of our financial and tax reporting. GL
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Departments can attach supporting documents, such as PO quotations, forms, invoices, and receipts to their AMS transactions. This makes them easily accessible, particular with many departments operating in hybrid work
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Purchase Orders (PO) can involve multiple line items, and span many fiscal years before all goods services are delivered and paid for. Over the lifespan of the PO, changes can
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Departments have a few options when processing an invoice payment, under $10,000 before tax, in a foreign currency. These options include: 1) A departmental Purchasing Card. For additional information
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Thompson, Ahern & Co. Limited (TACO) is the appointed Canadian Customs Broker for the University of Toronto. As such, if you utilize this broker, you will see a 60-series document
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When partial payments are expected, it is recommended, when possible to set up the purchase order to mirror the partial delivery and payment structure. This will simplify the processing of
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Watch this simulation to learn how you can effectively set up a Purchase Order that requires a deposit/down payment, process the deposit/down payment and correct the effective tax amount when
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The Financial Services Department periodically conducts a review of reimbursement rates to ensure the University adequately reimburses faculty and staff for reasonable amounts while representing the University or traveling on
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The following are a list of required supporting documents based on the category of expense. Flight Flight itinerary from the third party booking site provided by the website after payment.
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To self-assess means to calculate how much HST should be paid on the purchase of a good or service when the supplier has not billed HST or just billed the Federal Component (GST)
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A reminder that effective September 1st, 2019, the processing of a Goods Receipt will post the 50xxx… document to the Financial (FI), Funds Management (FM) and Controlling (CO) accounts simultaneously.
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All transactions must be examined on their own merits by the paying department to determine the correct processing method and legal reporting requirements. When determining whether a particular payment is
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Take a look at the resource linked below to help you determine whether a sale to an external party is taxable or tax exempt. HST Tax Status Table for Sale
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Below is a guideline highlighting some information that would help the FAST team help you FASTer whenever you contact your Faculty FAST Team Representative or the general mailbox; General
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The hst.help (@utoronto.ca) email support account was established in 2010 when the HST was first introduced and was intended to assist with questions during the transition and initial implementation. After an
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Avenue Travel invoices outline specific charges for the booking, but typically do not outline the exact tax breakdown of each individual charge so it can be difficult to determine the
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Journal Entry (FB50) – Document Type SA Use when correcting a previously posted transaction in which one or more of the following pieces of information are incorrect or missing: G/L
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The FAST Team has been receiving an increase in enquiries regarding the eligibility and the documentation needed to reimburse claimants who have stayed at a host establishment booked through AirBnB
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Should you use an OTA vendor account, or should you request Procurement Services create a new vendor account in AMS? If you are unsure, you are not alone. The choice
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