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October 25, 2019
Question

How do I include gst on my profit and loss statements in reports?

  • October 25, 2019
  • 1 reply
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1 reply

October 25, 2019

Hi there, 

 

Good to hear from you again! I'll be happy to answer your question.

 

The sales tax collected doesn't hit the Profit & Loss.  It goes straight into a liability account.  When paid, it comes back out of the liability account.  The only time any of it should hit the Profit & Loss is if the amounts differ slightly because of rounding, or if your state allows a vendor fee for timely payment.

 

Let me know if this answers your question. I'll be on standby.