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lost_ad
July 24, 2023
Question

How to Zero Gst Balance

  • July 24, 2023
  • 1 reply
  • 0 views

How do I zero out the GST paid on the balance sheet when the GST is not collected on sales and remitted to the Govt? 

We've just started and our revenue hasn't reached a point where we are required to collect GST on sales, but the GST on purchases  still shows up on the balance sheet as a NEG liability - which isn't accurate 

 

 

1 reply

J
JamesM4
July 24, 2023

Hello lost_ad,

 

Welcome to the QuickBooks 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 get an accurate answer on how to zero the GST Balance, I highly recommend consulting an accounting specialist for expert suggestions. 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. Otherwise, feel free to ask questions in the comments below.

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