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m-saatli-gmail-c
Level 1

How can I ask a question to the community?

 
4 Comments 4
ChristieAnn
QuickBooks Team

How can I ask a question to the community?

Hi there, m-saatli-gmail-c.

 

Thank you for visiting the QuickBooks Community. Please know that we always make great efforts to deliver customer satisfaction at all times and address the concern as soon as possible. That said, May I know more details about your concern with QuickBooks Online by clicking the Reply button below? That way, you're able to ask any question to the Community agents and I also appreciate any further details so I can share accurate information. 

 

For now, I'm adding this article to further guide you in effectively managing your business using QBO: Help guide for QuickBooks Online. It contains topics about advanced accounting, banking, and payments to name a few.

 

Please don't hesitate to post or click the Reply button below and add extra details about your concern. Know I'm always here to help you anytime. Take care and keep safe!

AlkaC
Level 1

How can I ask a question to the community?

Hello, 

I need help with a tax journal entry. 

I paid GST/HST taxes in 2020, however instead or recording the payment against GST/HST payable, I recorded it as an expense to Tax expense account. I am closing FY 2022 and I just now realized the mistake as there's a GST/HST payable balance on the Balance Sheet. I need help on how can I correct the payable balance in 2022 given that the taxes were paid in 2020.

Thank you much,

AC

Rubielyn_J
QuickBooks Team

How can I ask a question to the community?

I'd be glad to help correct the payable balance, @AlkaC.

 

To ensure that all the numbers are precise on the report, you can either create an adjustment or delete the GST payment. Before doing this, I suggest reaching out to your accountant or tax agency for advice. They'll be able to give you the best accounting advice for your business.

 

To make an adjustment, here's what we need to do:

 

  1. Proceed to Taxes on the left navigation menu.
  2. Under the Returns tab, choose Tax Adjustment. The Journal Entry # window opens. Use this when you need to decrease or increase the amount of tax payment for things like credits, discounts, fines, interest, penalties, and corrections for rounding errors.
  3. Enter the adjustment amount and reason for the adjustment. You can enter a positive or negative amount.
  4. Click Save and close.

 

To delete the payment, you can follow these steps:

 

  1. Go back to Taxes and select the Payments tab.
  2. Find the payment and click the drop-down menu next to View then choose Delete.
  3. Click Yes to confirm. Note: After you delete a payment, the page doesn't refresh automatically. Leave and come back to the GST menu. The payment shouldn't appear anymore.

 

I'm also sharing these articles you can check out to help manage your taxes in QuickBooks:

 

 

Don't hesitate to comment below if you have further questions about correcting your payable balance. I'll be right here to lend a hand. Have a good day ahead!

AlkaC
Level 1

How can I ask a question to the community?

Thank you Rubielyn J,

I followed the steps you suggested: To make an adjustment

For some reason I am not seeing "Returns" under "Taxes" on my portal.

 

Thought about the 2nd suggestion: To delete the payment

Wouldn't this step change my 2020 Income Statement? I already reported 2020.