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JanMathew
January 23, 2023
Question

Journal entries

  • January 23, 2023
  • 1 reply
  • 0 views

Hi there, 

I am entering my Etsy transactions into Month end journals on QB. Since July 2022, Etsy made changes to their tax collection that we now have to calculate ourselves depending on buyer's location. Now I have to separately show in the journal a US tax that is not collected by me but is retained by Etsy. How do I show this on the journal since this amount is not deposited into my account. I am calculating my GST/HST year end filing and I need to remove the US taxes from the total amount I have collected. Is this considered an Expense? Please and thanks

1 reply

T
Trish_T
January 23, 2023

Hi JanMathew,

 

Thanks for reaching out here.  It' important that your Etsy transactions are accurately recorded in QuickBooks Online in keeping with government guidelines.  In this situation, I recommend speaking with an accounting professional for the best course of action.  If you don't have an accountant, we can help you locate a ProAdvisor in your local area.

 

If you have any other questions, please don't hesitate to reach back out.  We're always glad to assist!

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