Hi BAND1,
Welcome to Community! Understanding how to record your business income and sales tax is vital in keeping with the CRA guidelines. QuickBooks Self Employed tax categories are aligned with the CRA and you'll need to maintain your tax records, filings and retain receipts. I'd recommend reaching out to an accountant for expert guidance on how to record your business income and set up the appropriate accounts. We can help you locate a ProAdvisor in your local area, if you don't have one.
With regards to the end of year reports, the Tax Summary report will show your expenses by category, your net income and sales tax you've collected and paid. Keep in mind the reports are geared to cash-based accounting, so only closed transactions will appear in the report. Open invoices won't impact your numbers until payments have been received.
If you have any other questions or concerns, please don't hesitate to reach back out. We're here for you!
