I accidentally paid my PST return twice. It is currently sitting as a bank transaction to review. I would like to apply it to the next tax period - how do I do this?

Hey there, keithburdon.

To apply the payment to the next tax period, let’s create an adjusting account and use it to create an expense. You’ll have to set up the account in QuickBooks.

Here’s how:

1. Choose the Accounting menu on the left panel to open the Chart of Accounts page.
2. Hit the New tab to set up a new account.
3. From the Account Type drop-down, select Expenses and then click the Detail Type drop-down to choose the category.
4. Enter the name in the Name field and then click on Save and Close.

Now, enter an expense and use the newly created account to track the transaction. Let me show the steps.

1. Click the Plus icon in the upper right and pick Expense.
2. Once the Expense window opens, select the supplier by clicking the Payee drop-down and choose the payment account.
3. Type in the date and payment method in the appropriate fields.
4. Under Account, select the adjusting account for the item or service you paid for and add the amount.
5. Hit the Save and Close button.

I'm also adding an article with detailed steps and a video to visually guide you through the process: Record Expense.

After completing these steps, you can now apply the amount to the next return. To perform this task, please follow the steps in the How to Adjust Sales Tax Liability in QuickBooks Online article.

Stay in touch if you have further questions or concerns. I’ll be right here anytime to answer you. Wishing you the best.