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MrMiyagi
Level 1

GST Witholding

I sold a property for $369,000.

 

At settlement, $25,830 was withheld/paid directly to ATO for GST withholding.

 

How do I enter this?

4 Comments 4
MrMiyagi
Level 1

GST Witholding

I entered the original transaction as an invoice, then paid the invoice with proceeds going to undeposited funds. All transfers were made from undeposited funds, so I currently have $25,830 sitting in undeposited funds which is the GST paid to ATO. Essentially I need to do a transfer/journal entry to transfer this amount from undeposited funds into GST account?

IntuitSheila
Level 8

GST Witholding

Hi MrMiyagi,

 

Thanks for posting in the Community!

 

GST is tracked on a line item basis of a transaction coded with tax code and is reported to your BAS. 

 

You can record a Journal entry for the transaction and make sure to allocate a GST code so that it will be reported to your BAS. However, for the specific accounts to use on the journal entry, I'd recommend reaching out to your accountant for more accounting advice on how to record the transaction. That way you can make sure your books are balanced. if you don't have an accountant you can check this link to Find a QuickBooks Online accountant.

 

Or you can also contact our Customer Care Team through this link https://quickbooks.intuit.com/learn-support/en-au/contact

 

To learn more about lodging BAS in QuickBooks Online, check this link How to lodge a BAS or IAS in QuickBooks Online.

 

Let us know if you have more questions. I'll be around to help you!

 

MrMiyagi
Level 1

GST Witholding

Since the ATO already have the funds, I don't need to double up by reporting that I've paid it though do I?

 

What entries should the journal entry have?

IntuitAika
Intuit

GST Witholding

Hi MrMiyagi,

 

Yes, that's correct. For the GST withholding you've paid directly to ATO, you can record it in QuickBooks Online via journal entry. However, for accuracy of your reports and as to what entries to use, we recommend to reach out to an accountant. If you don't have an accountant you can check this link to Find a QuickBooks Online accountant near you. 

 

Feel free to drop a comment below if you have any other questions. Have a great day!