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E
eetawil
September 23, 2022
Question

Hi, how can fix my sales tax "opening balance"?

  • September 23, 2022
  • 1 reply
  • 0 views
I recently started using QB book keeping. It's showing for my last trimester (when I wasn't doing book keeping in QB but with an accountant, was just doing my billing in QB) an amount due of let's say 5K my accountant calculated let's say 3K for that trimester to be paid back.

My bank transaction of 3K just came in. What do I need to do so that the sales tax for the last trimester shows 3K so that I can match it with my banking transaction?

1 reply

H
Henock K
September 23, 2022

Hi eetawil,

 

Welcome to the Community. It's important to correctly track your sales tax in order to keep your books up to date. QuickBooks Online is a great program that gives you the ability to track your sales tax to ensure that the right amount is reported to the CRA. I'd be glad to provide you with information on the option to record the opening balance for sales tax.

 

QuickBooks Online offers the option to record the opening balance of accounts using journal entries. I encourage you to review this article on how to create a journal entry in QuickBooks Online.

 

To determine which accounts to affect and whether there is a more effective way than using a journal entry, I recommend that you consult an accountant. They have the knowledge to point you in the right direction to record the opening balance for sales tax to ensure the accuracy of your books. If you don't have an accountant, you can find one near you by clicking on My Accountant on the left navigation menu> and then Find a pro to help.

 

Let me know if you have any questions, I'll be happy to help.

 

 

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