Here is a list of what needs to be done:
| 1 | Install QuickBooks 2010. |
| 2 | Convert your accounting file to QuickBooks 2010. |
| 3 | Create appropriate tax items, groups and sales tax codes. |
| 4 | Do not modify any items beginning with "BODY SHOP_". They are created strictly for ImEX import function and will not work properly if changed. |
| 5 | Update QuickBooks to latest release. This will also update you tax tables. |
Adding of any new HST related accounts is NOT recommended nor is it needed.
If you need help completing the QuickBooks setup, please call 604-839-3431. Nominal service fee will apply.
ICBC is recommending (see below for my recommendations) that you complete as much of the work in progress as possible and close the completed repair estimates off prior to end of day June 30th. This applies only if all of the repairs listed on the CL14 have been completed.
For repair estimates which are not 100% complete prior to end of day June 30th, you should assess the amount of labor completed on the vehicle repairs and note the dollar amount as an estimate remark on the CL14 or CL14B for your own records. As an ICBC supplier, it is your responsibility to determine if the services and/or goods that you supply to ICBC customers are subject to the HST.
Here are my recommendations about the oncoming transition:
| 1 | Post all of your accounts payable invoices before July 1 2010, notify your suppliers that GST only invoices will not be accepted after July 1 2010, regardless of the invoice date. |
| 2 | Complete all repair orders for jobs delivered before July 1 2010. Those repair orders can be closed (invoiced) using the existing labor and GST/PST rate setup in ImEX. |
| 3 | It has been suggested, that any job delivered prior to July 1should be closed with GST and PST applied to the repair order, while jobs delivered on or after July 1 be closed using HST only. Margin of error in tax calculation using this method is similar to the margin of error created while estimating the level of completion of each individual job. |
| 4 | Do not close any jobs delivered on or after July 1 2010 untill all repair orders for June have been closed or invoiced. |
| 5 | After all repair orders with the delivery date of June 2010 have been completed and invoiced in ImEX, you will complete a very quick and simple procedure to update the ImEX system with HST rates and setup. After completing this quick update, you can start closing repair orders with the closing date of July 1 2010 or later.More details on that in next communiqué. |
Please keep in mind that the above does NOT constitute accounting advice which should be obtained from your tax professional, and is merely a suggestion. You assume all responsibility for using either of the steps described here.
Good day to all!
Woody