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sterno1
October 29, 2023
Question

How do I include PST as part of an expense? For example, an item is $100. There is $5 GST and $7 PST. The GST needs to be separated out but not the PST.

  • October 29, 2023
  • 1 reply
  • 0 views
So the actual expense is $107 and the GST input tax credit is $5.  It's easy if it's $100, but requires pulling out the calculator with less obvious amounts.

1 reply

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JamesM4
October 30, 2023

Hi sterno1,

 

Thanks for contacting us in the Community. QuickBooks is an easy-to-navigate program that helps you to manage your accounting with ease. I'll be glad to share more info so you're on the right track with your work. 

 

In order to record your transactions the correct way, I recommend consulting an accounting specialist for expert advice. This ensures your books remain accurate while you continue to manage your work with peace of mind. You can also get in touch with a professional using this link here. Other accounting professionals are able to see this post in the Community and this will allow them to chime in. 

 

Let me know if this info helps. I'm here to steer you in the right direction.

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HPM86
January 24, 2024

Is there a helpful answer to this question, or just "ask your accountant"?

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JamesM4
January 24, 2024

Hello HPM86. Thanks for chiming in on this thread. The PST can be included as part of the line item when recording expenses. Depending on your situation I'll be happy to guide you in the right direction with navigating the program, however, when it comes to accounting advice it's best to get in touch with your accountant for expert advice. Let me know if you have other questions. 

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