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R
RCR1
June 16, 2020
Question

Tax item/group for Liquor purchases (BC)

  • June 16, 2020
  • 1 reply
  • 0 views

Hello everyone, 

 

I am looking for a solution to correctly record the taxes for liquor purchases/expenses in BC. 

There is a category/group for this already set up and it used to work perfectly (5% GST and 10% PST were applied), but now it just reflects the Standard category/group (5% GST and 7% PST). 

I tried setting up an additional tax item with 10% PST and adding it to the tax group which worked, but that changed all PST percentages, including the existing 7% PST item in the Standard category. 

I am sure I created a new item with 10% PST and did not change the existing 7% PST item.

 

How can I create a tax item or group which will apply 5% GST and 10% PST while not changing any other tax item?

    1 reply

    S
    smollstub13
    August 11, 2021

    I'm in Ontario and wondering the same thing.

    In Ontario, LCBO prices when purchasing include HST.....and as well on when sold (in client's store).

    My question is how do I show this on Daily Sales Summary and then make sure the HST amounts are incorporated in HST reporting?

    Or, do I have to do the backwards calculations manually to pull out the HST amount and record in purchases & daily sales that way?

    Seems like this would be a common issue....so hoping there is a solution in place that allows me to record the numbers as they are on the invoicing & on daily sheets, and somehow HST is pulled out.

     

    Thank you,

    Stacie

     

    J
    JamesM4
    August 11, 2021

    Hello there. Recording your transactions the right way is an essential step towards maintaining clean books. Based on the info you've provided, I highly recommend reaching out to an accounting professional for expert advice on how to record the transactions. If you're not in contact with a professional, don't worry, you can search for one using this link here. Feel free to keep me posted on how you make out. I'll be on standby in case you need further assistance. Otherwise, I wish you a great rest of the week. :) 

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