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O
OldeEnglishBooks
November 22, 2021
Question

Daily Sales and posting GST to GST/HST Payable Account

  • November 22, 2021
  • 1 reply
  • 0 views

I have recorded Daily Sales as per the QBO article:
https://quickbooks.intuit.com/learn-support/en-us/help-article/sales-receipts/record-total-daily-sales-quickbooks-online/L0rHb69Mh_US_en_US


I have enabled TAX (GST @5%) and have the items in my daily sales set as "Inclusive of Tax".


When I make my daily Deposit it shows that the 5% GST Tax has beed deducted but it does not post the deducted amount to the GST/HST Payable (Other Current Liabilities) account in the Chart Of Accounts.

 

How do I make the GST show up in the chart of accounts?

1 reply

T
Trish_T
November 24, 2021

Hi OldeEnglishBooks,

 

Recording your daily sales to ensure your accurately tracking the taxes is essential.  I appreciate you reaching out for assistance with having the GST/HST post to your 'other current liabilities' account in the chart of accounts.  In QuickBooks Online you can do this with a single sales receipt.  I'd be happy to assist!

 

Based on the information you've provided, it seems that the issue lies within how the sales tax is set up.  You've indicated this to be set as inclusive for which the tax is included in the price.  However, setting it to exclusive would record the amount and the tax would be separated.  This would then apply the tax portion to the required account.

 

It's always a good idea to reach out to your accountant for their expertise and advise for the best course of action.  If you don't have an accountant we can help you locate a ProAdvisor near you.

 

For future reference, here's the article you need for recording daily sales in QuickBooks Online Canada.

 

Please don't hesitate to reach back out if you have any other questions.  We're always happy to help!

 

 

 

 

 

 

 

 

 

 

O
OldeEnglishBooksAuthor
November 29, 2021

Hello Trish_T,

 

Thank you very much for your reply. I checked the article that you provided a link to and this is exactly how I set up my "Daily Sales". In the example on the link, their tax is also included in their total but they don't mention how it get posted to the GST/HST payable account?

From your suggestion I believe that you want me to enter my "Daily Sales" items with NO tax and create an additional line item for GST and enter it manually - is that correct?

Thank you very much.

T
Trish_T
November 29, 2021

Hi OldeEnglishBooks,

 

Thank you for reaching back out to Community.  I appreciate your additional information when entering your daily sales, and it's essential to have the GST/HST applied to the correct account.  In QuickBooks Online the sales tax will automatically be applied to the appropriate account when recording your transactions.  I'd be happy to help!

 

I recommend entering the sales tax as exclusive or inclusive for it to show in the payable account.  If you're still not seeing it, I suggest clearing cache on your browser and try again using private or incognito mode to see if you get the same result.  If the issue persists, please contact us so we can take a closer look from our end and get you back to business as soon as possible.

 

Schedule a Callback or start a Chat: click (?) Help in the upper right in QuickBooks Online > enter "Contact support" > click Contact Us > explain your situation > hit Let's Talk > choose Get a callback or Start a Chat.
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Please let us know if you have any other questions.  We're here for you!

 

 

 

 

 

 

 

 

 

 

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