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HST RITC Large Business Ontario
Has anyone set up a system yet to track the Recapture of specified ITCs for large businesses in Ontario? I was thinking of setting up a separate tax code somehow, but haven't got it sorted out in my head completely.
EG. Company buys an item that is subject to the recapture. Total HST is $130.00; thefore $50 is GST and $80 is OVAT. Ideally, the entry would be DR expense $1080, DR HST ITCs$50, CR bank $1130. However, the government requires the OVAT portion to be tracked so you must end up with DR expense $1080, DR HST ITCs $130 CR HST RITCs $80 CR bank $1130.
Can I make a NEGATIVE tax code? Or has someone come up with another way to do this?
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