I have some basic questions around account receivables and HST payments. I am not an accountant.
I paid HST on account receivables for Q4/2019.
When 2020 stared the account receivable (from Q4/2019) I entered as revenue and I paid HST on it…So looks like I paid HST twice on the same amount – once in Q4/2019 (account receivable) and second time in Q1/2020 (when account receivable arrived).
The way I see it:
Q4/2019 – HST paid on account receivable – OK
Q1/2020 – I had to deduct the amount receivable from Q1/2020 and pay HST on the remaining balance.
I just need professional opinion on this subject,
Thanks a lot for you help.