This is an interesting question and I suggest you connect with your accountant to get the most accurate answer for your specific situation. Once your accountant provides you with the proper setup that needs to be created, I can help you implement this in your QuickBooks Online account if possible.
With QuickBooks Online, you can give your accountant access to your account in a few easy steps. To do so, check this community article on how to manage an accountant user in QuickBooks Online. If you don't have an accountant, you can find a certified ProAdvisor in your area through this link: https://quickbooks.intuit.com/ca/find-an-accountant/.
Let me know if you need help with anything else.
I had pst payable set up under other liabilities on my desktop and it worked well and captured the pst on my report. However once everything was transferred to QBO it no longer shows in my pst tax report for filing. It is set up as other current liabilities & current tax liability.
I am curious as well as this should not be so complicated & QBO should have this already set up as an option. Please QBO fix this & come up with something much more friendly!
Thanks for sharing your concerns about there not being a built-in feature for working with PST self-assessment in QuickBooks Online. I can see why this would be useful as an option that's integrated in the program, and I can direct you on how to best share your thoughts about that.
When you have ideas about how to enhance QuickBooks Online or feel there's a feature that would really benefit the program, the best thing to do is submit feedback. That can be done by following the steps in our article How do I submit feedback? All comments submitted through that tool are reviewed by our product development team for consideration in future updates. You can learn about updates to the program here: QuickBooks Online Feature and Product Updates
In the meantime, my recommendation is the same as the original response on this thread in that working with an accountant would be beneficial for finding the best way to handle this situation. In addition to the link above, you can also use the My Accountant tab directly in QuickBooks Online to find an accountant or add your accountant as a user. The Find a pro to help button will take you right to our directory of QuickBooks-certified accountants in your area.
I'll be here if you've more questions.
Unfortunately there is no way for this to happen inside of QBO or QBD automatically. The reason is because of the way the different forms are set up; they prohibit you from doing the type of entry you need to do to record self-assessments of PST, or reversals of PST, in the event you are charged PST for items you purchased for re-sale.
You will need to create two custom PST Tax Items. One is PST Self-Assessed - Box E, and the other is PST Reverse on Purchases - Box B. These must be set-up in Sales Tax. You will have to select both sales and purchases for each item because if you don't, QBO won't allow you to save the item, even though the Self-Assessment item is only pertaining to purchases. You must choose Net tax on Consumption for the Self-Assessment item (which will automatically add Box E to the item) and choose Tax Collected on the Reverse on Purchases item (which will automatically add Box B to the item).
At the beginning of each month, I open a new JE dated for that month's end. When I create the JE, I leave a bunch of blank lines from Line 1 down to about Line 20 (extra lines can be added or deleted at any time). On the last two lines of the JE, I enter both lines to the G/L account, PST Payable, tabbing over and entering the Self-Assessment tax item into the Sales Tax column on one, and the PST Reverse on Purchases tax item on the other.
As I enter vendor invoices throughout the month, if I run into either of these situations, I write either S/A PST and the amount on the invoice, or Reduce PST to 0.00 on the invoice. I immediately open up the JE that I have created to keep going throughout the month, and enter the appropriate lines in there, adjusting the totals on the bottom two lines of the JE as appropriate. I also make sure to enter the purpose of the line and the vendors inv # in the Description column, and the name of the vendor in the Name column. See example:
As long as you tab over and enter the correct tax items in the Sales Tax field, the amounts being posted directly to the PST Payable account will be picked up on your tax reports. I just keep adding lines all month long and close that entry at the end of the month. Only vendor invoices dated in that month should be in that month's JE's. If you start crossing invoice dates with JE's dated in different months, it will become difficult to track what you've done.
When I pull the PST Summary Report, note that the entries made in the above JE are part of the report. Normally there wouldn't be a negative amount payable but this is just a test file so has no other transactions populating the report.
When invoices from the next month start flowing in, I copy this JE, delete all the lines except for the last two PST Payable account lines, and start over, adding lines for each invoice that needs to be entered there.
I have visited this topic from every single angle and I have not found a better way to do this than what I've demonstrated here. Hope it helps. I did another post about this quite awhile ago and would have copied the link to it, but the QB forum doesn't make it easy to find things, unfortunately.
I hope this helps somewhat to solve this very common issue that most businesses have.
I’m new to Quickbooks Desktop and live in SK too. Would you be willing to connect and provide some support to a fellow SK’er? I find QB phone support horrendous. Thank you!