Skip to main content
Sep 3, 2020 3:24 PM UTC
Question

How do I match a bank transfer (out) of collected SST (GST) to the tax authority? The amounts are accumulated in the 'GST control' account that does not allow transfers.

Original commenter did not share additional details

1 reply

JasroV
Sep 3, 2020 5:40 PM UTC

Good day to you, @w-moonen.

 

Allow me to share some insights to get around this. Creating a transaction using the Control Account is not possible. You’ll want to create a Sales Tax payment to match the bank transfer. Here’s how.

 

First, add a sales tax agency/rate:

  1. Go to the Taxes menu.
  2. Click Add/edit tax rates and agencies.
  3. Select New and choose either a single or combined tax rate.
  4. Enter a name, the agency you pay, and the rate's percentage. 
  5. Then click Save.

Then record a sales tax payment:

  1. Go to the Taxes menu.
  2. Select the agency you're paying under Sales Tax Owed.
  3. Click Record Tax Payment at the bottom.
  4. Fill out the form including a bank account, the payment date, the liability's end date, and the amount.
  5. Select Record Tax Payment if you don't need to print the check, or check off Print a Check and choose Record Payment and Print Check if you do.

Once done, match the bank transfer to the tax payment recorded in your QBO account.

 

I also have here an article that you use for reference in reconciling your accounts effectively in QBO: Reconcile an account in QuickBooks Online.

 

Leave a reply below if there’s anything you need assistant with. I’m more than happy to be of help. Keep safe.