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Tracking PST in BC, Manitoba, and Saskatchewan

by Intuit Updated 3 months ago

Provincial Sales Tax (PST) for British Columbia, Saskatchewan and/or Manitoba is recorded differently than Goods and Services Tax (GST) or Harmonized Sales Tax (HST) in QuickBooks Online when collecting sales tax on expenses and purchases.

Previously, if you made a purchase that had PST applied, QuickBooks Online would create a journal entry that broke the PST out into a separate account, similar to the way GST and HST are treated in other provinces. However, while the PST you collect on sales must be remitted to the province, the PST you pay on expenses doesn't get deducted from those amounts when you file your PST. Due to this, PST is now included in the expense total or capital item you've purchased.

This way of accounting for PST ensures that your company's accounting is accurate and will save you time at period-end.

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