Why is there a GST suspense, GST NET, and GST payable lines on the balance sheet? What are these for?

Hello jmkuy,

Welcome to the QuickBooks Community. The programs helps you stay organized using the powerful features offered in the program. I'll be happy to help you get a better understanding of the Balance sheet.

The variables you've pointed out above are your taxes. If you'd like to learn more about what consists of the GST suspense, you can investigate this further on the Balance sheet by clicking on the GST suspense name or by looking at the line items just under the title. Could you elaborate more on what you mean by adjusting them? 

I look forward to hearing back from you. I'll be one message away. 

What kind of transactions should be in the GST Net account vs the GST payable account vs the GST suspense account? 

Hi jmkuy,

Thanks for reaching back out.  QuickBooks Online automatically adds the GST/HST Payable and GS/HS Suspense accounts, when you set up sales tax.  Each transaction recorded with GST/HST/QST is added to the GST/HST Payable account.  The GST Suspense account should balance out and remain at zero.  It will fluctuate depending on he sales tax filings, depending if it's a refund or a payment.  Once you've completed the sales tax return, a two-line journal entry is created, that moves what you owe (or what is owed to you) from the GST/HST Payable to the GST/HST Suspense account.  Recording the sales tax payment moves the amount from the Suspense account to the bank account.  For more in depth information, follow this link.

Should you have other questions, or concerns, I recommend speaking with an accounting professional.  If you don't have an accountant, we can help you locate a ProAdvisor in your local area.

Please feel free to reach back out with other questions.  We'd be happy to help!