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November 29, 2019
Question

The PST report does not capture the PST collected

  • November 29, 2019
  • 1 reply
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1 reply

November 30, 2019

Hi there,

 

I appreciate you reaching out to the Community. I'll be happy to share more info on using PST in QuickBooks. 

 

Provincial Sales Tax (PST) for British Columbia, Saskatchewan and/or Manitoba is recorded differently than GST or HST in QuickBooks Online when collecting sales tax on expenses and purchases.

 

Previously, if you made a purchase that had PST applied, QuickBooks Online would create a journal entry that broke the PST out into a separate account, similar to the way GST and HST are treated in other provinces. However, while the PST you collect on sales must be remitted to the province, the PST you pay on expenses does not get deducted from those amounts when you file your PST. Due to this, PST is now included in the expense total or capital item you've purchased.

 

This way of accounting for PST ensures that your company's accounting is accurate and will save you time at period-end.

 

Feel free to ask questions. I'll be here to assist. :)