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April 5, 2020
Question

How do I add GST account for 2020 to QB online that was established a year ago?

  • April 5, 2020
  • 1 reply
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1 reply

April 6, 2020

Hello theatrix,

 

It's great to have you join us in Community and I'm excited to hear that you've been using QuickBooks Online for a little while now. The sales tax feature is great for keeping track of calculations and what you need to remit. I'm happy to go over how it works so you can continue to work in the program.

 

I read your question two ways. The first being that you're using a QuickBooks Online account that didn't previously have sales tax set up, but now you need to set it up. The second way I interpret your question is you've been tracking sales tax all along, but you're now wondering how to continue doing so for 2020. I'll go over both.

 

QuickBooks Online allows you to set up sales tax at any time. We understand that some businesses don't charge sales tax to start, but then reach a point where they can begin charging it, so it's important to be able to turn on that option when you need to. Here's how.

  1. Select Taxes from the left menu.
  2. Click Set up sales tax.
  3. Choose a province or territory and click Save (Note: If you need more than one, you can set up others later).
  4. Enter the details for your sales tax account and click Next.
  5. Select Got it after reading the message on the next page.

That's it. Now you'll have a column for taxes on your transaction forms in the program. Here's an article about how to set up new sales tax codes for your reference: How to set up a new sales tax code

 

If you've been using the sales tax feature already, it's as simple as continuing to use it with your 2020 transactions. There's no need to create a specific account for 2020 as the program will know from the dates you choose on your transactions how to calculate the sales tax for your remittances. When it comes time to file, simply continue using the feature as normal. Here's a refresher on that: File sales tax

 

Don't hesitate if you have more questions. I'm here to help!