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A
Anonymous
May 5, 2021
Question

Small negative balance in QST Payable that's not worth collecting

  • May 5, 2021
  • 1 reply
  • 0 views

I'm not registered for QST nor do I collect any.
However while filing expenses last year, I ended up with a small negative balance in my QST Payable (Less than two dollars) while travelling through Quebec.
How do I zero that out without receiving the 2 dollars?

1 reply

A
Alex M
May 6, 2021

Hi there AlteredBoot,

 

Making sure that your books are balanced correctly is important to all businesses. QuickBooks Online is a great tool to help you keep track of taxes to make filing with the government easier. I can point you in the right direction.

 

The way to move this money out of your tax account would probably be through a Journal Entry. To know which account should be receiving the money from the tax account, I recommend reaching out to an accountant. their knowledge in accounting and best business practices will be best suited to guide you in knowing which account should be used in this situation. If you'd like to invite your accountant to your QuickBooks account so they can see your books, you can do so in the My Accountant tab. You can also click on the Find a pro to help button located in this page to find an accountant near you with experience using QuickBooks Online.

 

If you have any other questions, feel free to reach out here.

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