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ilyazman
July 22, 2020
Question

Recording GST Tax Payment - What are the automated entries QB will create?

  • July 22, 2020
  • 1 reply
  • 0 views

Hi,

 

I have file my tax return on QBO, which QB has created a Journal Entry for that with Dt GST Suspense and Ct GST Control, where I believe the GST Suspense is the account representing the amount payable/receivable from the tax authorities. So when I record the payment using the feature on QB, in my case an amount receivable, will it be correct to assume that QB will create a Journal Entry with Dt Bank Account and Ct GST Suspense?

 

Thank you.

 

Regards,

Ily

1 reply

Rose-A
Rose-A
July 22, 2020

Good day, ilyazman.

 

I'm here to share some information regarding recording GST tax payment via QuickBooks Online.

 

The taxes from transactions entered in QuickBooks are accumulated to the default Control Account.

 
When you Mark as Filed a tax period in Taxes page, this will transfer from Control Account going to the Suspense Account where will stand as your payable.
 

Once you Record a Tax Payment this will remove the amount in the Suspense Account and QuickBooks will only create a payment check that shows in your report.

 

You can get more details in the following articles below. This will give you insights on what steps you need to take before filing and paying your taxes. Also, you can visit our Tax page, it contains articles to help you manage your Taxes/GST via QuickBooks Online:

 

File and pay Tax/GST

QuickBooks Online GST Help Articles

 

Let me know if there's anything I can help you with. I'm always here to back you up. You have a wonderful day!

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