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January 8, 2020
Question

How do I post a gst installment so it shows up in the return

  • January 8, 2020
  • 1 reply
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1 reply

January 8, 2020

Hey delormel,

 

I'm glad you asked this. It's crucial to file your sales tax accurately with the government, and the best way to do that is to make sure it's perfect in QuickBooks. Many businesses are required to pay their taxes in instalments, reducing their liability when they file. Sales tax tracking is one of the most powerful features available in QuickBooks Online, effectively removing the hassle from your GST filings. Recording instalments is just as easy, and I'm here to guide you through it. 

 

Recording a GST instalment is just a few quick and easy steps:

  1. Head to Taxes from the left menu then select Sales Tax (if not selected by default).
  2. Select the correct agency, then click on the New button on the right and select Record instalment.
  3. Enter the Payment account, Payment date, the affected Filing date, and the Instalment amount
  4. Click Record Instalment.

 

This instalment will be included on line 110 of the appropriate return.

 

To record a PST or QST instalment, record a Journal Entry crediting the payment account and debiting the GST/HST - PST Payable account. You'll be able to select the instalment line in the Sales Tax column. It'll look something like this: 

 

 

Let me know if this is helpful, I'm confident you'll be an instalment expert in no time!