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borgysautos
Level 1

Can I deduct GST paid on expenses for business from GST collected in sales?

 
1 Comment 1
Amanda-B
QuickBooks Team

Can I deduct GST paid on expenses for business from GST collected in sales?

Hey there borgysautos,

 

It's great to see you in the Community, Welcome! QuickBooks Online is a powerful program that can help you keep track of your finances. I would be happy to guide you in the right direction for the best assistance possible. 

 

There isn't an option in QuickBooks that enables you to deduct GST from what was collected on sales. If the transactions has been recorded wrong, I recommend reviewing how you may have set up Sales tax. Here's a helpful guide for your reference.  

 

In addition, to ensure the accuracy of your books, I recommend that you contact an accounting professional for expert advice. They'll be able to point you in the right direction so that your accounts can end up with the correct balance. Having an accountant can be beneficial for you and your business. You can add your accountant to your books by going to the My Accountant tab in your QuickBooks account. You can also find an accountant who has experience with QuickBooks near you by clicking the Find a professional to help you option in this section.


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