A cash purchase was made from marketplace for a business item (framed print and carpet) and no taxes were charged. These were paid personally and then expenses were submitted to reimburse out of pocket expenses. That part I get. Now...How do I enter the self-assessed taxes on the purchases for GST and PST to submit the self-assessed taxes to the government? Thank you.
I see that you've reached out on another Community thread for this situation. The best course of action is to reach out to your accountant. If you don't have one, we can help you locate a ProAdvisor in your local area.
Please don't hesitate to reach back out with other questions. We'd be glad to assist!
Thank you for your reply. I was actually asking 2 separate questions (yes both on the subject of self-assessed taxes for gst and pst). The topics overlap but the questions differ.
I don't need to know how to calculate the tax. That is understood. What I am looking for is how to enter this into QuickBooks. I do not seem to have a tax line that fits the entry for self-assessed taxes. The other part is probably more a CPA question but I was looking for how to do this entry with QuickBooks rather than how do I do the accounting in general. .
Hi there bcwc,
One way you could add taxes to this amount would be to calculate the taxes on the transactions manually, then edit the amount to be the amount without tax, then add the appropriate tax code. To know if this is the proper way to enter this transaction in your books so that it's all balanced, I recommend reaching out to your accountant for confirmation, as their expertise will be key in making sure all your account balances reflect reality.