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livingskiesdrill
Level 1

How do I get the PST (Sk) paid on purchases used for COS to post in quickbooks, for quarterly remittances.

 
2 Comments 2
livingskiesdrill
Level 1

How do I get the PST (Sk) paid on purchases used for COS to post in quickbooks, for quarterly remittances.

I should add that the expenses are entered with the combined GST/PST.

PatriciaT
QuickBooks Team

How do I get the PST (Sk) paid on purchases used for COS to post in quickbooks, for quarterly remittances.

Hi livingskiesdrill,

 

I'm glad to hear you're using the sales tax centre in QuickBooks Online to accurately track every sales tax collected and paid in the running of your business. Making sure your inventory items are also reported as needed is important. I'll be happy to share more on this.

 

The advanced inventory tracking feature in QuickBooks Online automatically keeps track of your asset and costs to the COGS account. The system will also track depending on whether your tax portion is claimable or not. Your provincial tax agency and your accountant are incredible resources if you'd like more information on how these should be affecting your books. You can easily invite an accountant to your account or find one in your area. Just head to the My Accountant tab to get started, then select Find a pro to help.

 

For more on how inventory tracking works to hit the inventory asset account, the COGS account, and the sales account, check out these articles.

I hope this helps! You're always welcome to stop by if you need anything else.

 

 

 

 

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