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Level 2

2017 GST/PST payment entry?

Client started using QBO Jan 2018. He paid his GST/PST remittance in 2018. Since we just started in Jan 2018 how can we enter the 2017 GST/PST collected in a lump sum and GST/PST paid in a lump sum so we can apply the payment to these accounts to zero the 2017 taxes off. 

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Best answer 03-11-2019

Best Answers
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QuickBooks Team

2017 GST/PST payment entry?

Let me walk you through with entering the GST/PST payment, efemontreal.

First, let's create an Other Current Liability account. Here's how:

  1. Click Accounting, then go to Chart of Accounts.
  2. Click New.
  3. Click the Account Type drop-down arrow, then choose Other Current Liabilities.
  4. Enter a desired name, then click Save and Close.

Next, create a sales tax item. Here's how:

  1. Click the Gear icon, then go to Products and Services.
  2. Click New, then choose either Non-inventory or Service.
  3. Enter a desired name.
  4. In the Income account field, choose the current liability you've created.
  5. Make sure the Inclusive of tax box is unchecked, then click Save and close.

Then, add the sales tax item to a sales transaction. Here's how:

  1. Click the Plus sign (+) icon, then choose either Invoice or Sales Receipt.
  2. Under PRODUCT/SERVICE column, choose the sales tax item you've created.
  3. Enter the lump sum amount in the AMOUNT field, then click Save and close.

Lastly, here's how you can apply the payment:

  1. Click the Plus sign (+) icon, then choose Cheque.
  2. Choose the sales tax agency in the payee field.
  3. Under the ACCOUNT column, choose the liability account you've created.
  4. Enter the lump sum payment in the AMOUNT field.
  5. Click Save and close.

That'll do it. Of course, you can come back anytime if you need further help. 

View solution in original post

3 Comments
Highlighted
QuickBooks Team

2017 GST/PST payment entry?

Let me walk you through with entering the GST/PST payment, efemontreal.

First, let's create an Other Current Liability account. Here's how:

  1. Click Accounting, then go to Chart of Accounts.
  2. Click New.
  3. Click the Account Type drop-down arrow, then choose Other Current Liabilities.
  4. Enter a desired name, then click Save and Close.

Next, create a sales tax item. Here's how:

  1. Click the Gear icon, then go to Products and Services.
  2. Click New, then choose either Non-inventory or Service.
  3. Enter a desired name.
  4. In the Income account field, choose the current liability you've created.
  5. Make sure the Inclusive of tax box is unchecked, then click Save and close.

Then, add the sales tax item to a sales transaction. Here's how:

  1. Click the Plus sign (+) icon, then choose either Invoice or Sales Receipt.
  2. Under PRODUCT/SERVICE column, choose the sales tax item you've created.
  3. Enter the lump sum amount in the AMOUNT field, then click Save and close.

Lastly, here's how you can apply the payment:

  1. Click the Plus sign (+) icon, then choose Cheque.
  2. Choose the sales tax agency in the payee field.
  3. Under the ACCOUNT column, choose the liability account you've created.
  4. Enter the lump sum payment in the AMOUNT field.
  5. Click Save and close.

That'll do it. Of course, you can come back anytime if you need further help. 

View solution in original post

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Level 1

2017 GST/PST payment entry?

I have now used this same solution (I followed the whole thing step by step, using an invoice and cheque payment) for the same problem ... now I have a customer (Receiver General) which is weird in itself but not critical, but I have it as a  "customer" with an outstanding balance of the amount of the remittance payment ... how do I get rid of this? Thank you.

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QuickBooks Team

2017 GST/PST payment entry?

Hi there. I want to make sure you get the help you need with this. I recommend contacting our support team so they can take a closer look at your account. Please use this link for the contact details.