HST/GST PAYMENT ENTRY

Let us help you with recording the payment for the 2023 Harmonized Sales Tax (HST) in QuickBooks Online (QBO) and ensure it appears in the 2024 HST/GST detailed report, busrabuzlu.

Let's make sure we have the necessary accounts created in your chart of accounts: 

• HST Payable (Liability account): This account tracks the HST you owe to the government.
• GST/HST Payable (or Receivable): Depends on the setup and how QBO categorizes them.
• Bank Account: The account from which you are making the payment.

Once done, we can manually record your sales tax payment for the 2023 HST in April 2024 to zero out your sales tax payable. Here's how:

1. Go to Taxes and select Sales tax (Take me there).
2. Find the return you just filed, then select Record payment.
3. Select the bank account from the Payment From dropdown ▼.
4. Select Payment Date. Enter the date you made the payment (e.g., April 2024).
5. Then enter the amount in the Payment Amount field. Enter the payment amount you paid to the CRA for HST/GST.
6. If you need to add any interest or penalty, select Add interest/penalty. Fill up the details in the Add interest/penalty form, and select Save.
7. After you have done adding the information, select Record payment.

You can check out this article for more details: File your sales tax return and record sales tax payments in QuickBooks Online. 

Once done, go to your Chart of Accounts to ensure the HST Payable (or GST/HST Payable) account reflects the payment made. Then, run the HST/GST Detail report to ensure the payment appears in the report. The tax report will change depending on the province you select. For example, if you select sales tax for Quebec, then you can select the GST/QST Detail report.

If you are from another province and the GST/QST report is not on the list, we can run the Taxable Sales Summary. This is a summary of your taxable and non-taxable sales, plus the total sales tax you collected from customers. You can check out this article for the steps and details: Check how much sales tax you owe in QuickBooks Online.

By correctly categorizing your payment under the HST Payable account (or equivalent), and ensuring it's recorded with the appropriate date, the payment should reflect accurately in both your chart of accounts and the HST/GST detailed reports for the year 2024.

Moreover, you can refer to these articles about managing your sales taxes in the program: 

• Manage sales tax payments in QuickBooks Online
• File your sales tax return and record sales tax payments in QuickBooks Online

The Community team is committed to supporting your business success. If you have further questions about managing your sales tax payments or any QuickBooks-related concerns, please reply to this post. We're always here to assist you in achieving your financial goals, busrabuzlu.