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This communication is directed to those who process taxable sales using Banner Deposit Form FGADCSR.

The QST rate is increasing from 8.5% to 9.5% effective January 1, 2012.聽 Banner is now updated to reflect this new rate.聽 When processing sales during the transition period, it is important to make a conscious decision about which tax rate should apply.聽 As a general rule of thumb:

• If the deposit relates to a sale with an invoice dated prior to January 1st, 2012 the QST rate is 8.5%
• If the deposit relates to a sale with an invoice dated January 1st, 2012 and after, the QST rate is 9.5%.

To help you control which rate should apply when processing taxable revenue, we have modified the Banner Deposit Form FGADCSR to include a new field entitled 鈥淪ales Tax Effective Date鈥� in the header section.聽 So regardless of the Transaction Date used, if you enter a December date in the new field (and continue to use the usual Tax Group code), the QST will be calculated at 8.5%.聽 If you enter a date of January 1st or later, the QST will be calculated at 9.5%.聽 The 鈥淪ales Tax Effective Date鈥� cannot be greater than the 鈥淭ransaction Date.鈥�

For your convenience, the completion screen (where 鈥淐omplete鈥� or 鈥淚n Process鈥� is selected) will also include the tax rates in effective for the document.聽 This will allow for a final verification prior to submission.

To summarize:

Need help?
The FGADCSR How-To documents are now updated. See the following:

For questions regarding the mechanics of FGADCSR, please contact the Finance Help Desk at FISHELP.acct [at] mcgill.ca or 398-3463.

Queries related to the sales tax legislation should be directed to one of the following individuals in the Controller鈥檚 office: