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lindaj
January 2, 2020
Question

HST Payable and suspense posting

  • January 2, 2020
  • 1 reply
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When the HST entry  was created the HST suspense account was posted but it also added separate amounts for HST re Sales and HST re Purchases.   This created a balance in the HST account re: transaction type  "Split".  What does this split balance refer to?  

1 reply

AddieC
AddieC
January 2, 2020

Hi there, 

 

Filing your sales tax is an essential part of running your business. QuickBooks Online helps to make this process easy for you, by providing you with all the necessary information for your filing. Once you record your payment, an entry will be created in your HST account.

 

If you're seeing a transaction type called "Split", this simply means that the double-entry accounting method is being used to 'split' the transaction to impact a minimum of two accounts (double-entry). If you want to know which two accounts your transaction hits, you can hover over the "Split" message. This will populate a window that will tell you the breakdown of the transaction, explaining what accounts are being hit and for how much. 

 

I hope this helps explain what Split transactions are in QuickBooks Online. If you have any other questions or concerns about the way QuickBooks is recording your entries, please reach out to our tech support team so we can help. 

 

Have a nice day.

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