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LeeMcQ
January 25, 2022
Question

QB Desktop premier - Opening balances for sales tax account

  • January 25, 2022
  • 1 reply
  • 0 views

I have just started using QB for our business.  I did not have some of the opening balances available to me when I was ready to proceed.  I now need to put in an opening balance for my sales tax owed from the previous year.  I have searched and tried to follow some of the articles I have found but none of them seem to apply to QB Desktop premier.   

 

I would really appreciated some feedback on this.  It is a real conundrum for me and I am now hung up by this.

TIA!

 

1 reply

T
Trish_T
January 25, 2022

Hi LeeMcQ,

 

Thanks for reaching out here.  It's essential that your confident with the opening balance for your sales tax account in QuickBooks Desktop Premier.  I'll be happy to provide the information you need so you're on the right track with your work!

 

There are two ways you can enter the opening balance.  Either in the GST/HST payable account in your chart of accounts or create a journal entry.  You'll find the steps for both options in this amazing article for entering opening balances in QuickBooks Desktop. 

 

Feel free to reach back out with any other questions you may have.  We're always glad to assist!

 

 

 

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