Tax item/group for Liquor purchases (BC)

I'm in Ontario and wondering the same thing.

In Ontario, LCBO prices when purchasing include HST.....and as well on when sold (in client's store).

My question is how do I show this on Daily Sales Summary and then make sure the HST amounts are incorporated in HST reporting?

Or, do I have to do the backwards calculations manually to pull out the HST amount and record in purchases & daily sales that way?

Seems like this would be a common issue....so hoping there is a solution in place that allows me to record the numbers as they are on the invoicing & on daily sheets, and somehow HST is pulled out.

Thank you,

Stacie

Hello there. Recording your transactions the right way is an essential step towards maintaining clean books. Based on the info you've provided, I highly recommend reaching out to an accounting professional for expert advice on how to record the transactions. If you're not in contact with a professional, don't worry, you can search for one using this link here. Feel free to keep me posted on how you make out. I'll be on standby in case you need further assistance. Otherwise, I wish you a great rest of the week. :)