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JPLawnandSnow
Level 1
posted
‎February 21, 2022 07:42 AM
last updated ‎February 20, 2022 12:42 PM

transactions - gst

Hello, 

 

I am going through my gst for the year, and my sales are about 103,000, my taxable sales says 124,000. 

 

my expenses were 51000, so my gst to pay is said to be about 3500. When reviewing the gst report, there are a bunch of deposits (refunds) that are coded as GST (sales). If i make them GST purchases, the taxable sales reduces by this amount. When a recorded transaction for a refund is recorded, this would be recorded as GST sales and not GST purchases correct? Basically, my sales plus my refunds from vendors equals taxables sales summary???

 

Thanks,

Graeme

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1 Comment 1
IntuitSheila
Level 8
‎February 21, 2022 09:47 AM

transactions - gst

Hi JPLawnandSnow,

 

Thanks for posting in the Community! In QuickBooks Online your GST owed and paid to the ATO is based on GST collected (sales) minus GST paid (purchases). Regarding what GST code to apply on the recorded transaction for a refund, we'd recommend reaching out to your accountant or bookkeeper for any tax advice.

 

You can check these articles below to learn more on how to record a GST refund and GST payment in QuickBooks Online:

 

Message us back if you need more help with your GST in QuickBooks Online. Have a nice day!

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