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A
Anonymous
October 2, 2019
Question

To clear out Unassigned Sales Tax for Year End

  • October 2, 2019
  • 2 replies
  • 0 views

Hello,

My story goes as such: We have $16000+ sitting in Unassigned Sales Tax (all from purchases) from previous year end. It was never dealt with to clear out properly. What would the entry be to clear this out so that we can start fresh for the new cycle year (as a lump sum adjustment vs. going through each transaction)?

 

As far as I can determine, there is no way to access Unassigned Sales Tax within QB to create an adjusting entry to clear this out. 

 

Thanks so much!

Nancy

2 replies

J
JamesM
October 2, 2019

Hi there,

 

Welcome back to the Community. I'll be happy to steer you in the right direction.

 

It's vital you clear out the Unassigned Sales Tax the best way possible in order to avoid any discrepancies in the future. To make sure the transactions are handled accurately, I recommend reaching out to an accounting professional. If you're not in contact with one, I recommend searching for one on our website using this link here. Let me know if you have other questions. I'm here to assist. 

 

 

P
pthiessen1
October 9, 2019

I also have the same problem. The payments to Receiver General have no tax code assigned. (and it's grayed out on the cheque) How do i clear them from unassigned?

J
JamesM
October 9, 2019

I want to make sure I'm following you on this. If you're paying off your taxes, is there a reason why you'd like that payment to have tax included as well? 

P
pthiessen1
October 9, 2019

I’m trying to clean up a client’s errors and they haven’t been using the Tax Report, but would like to going forward.

There is a very large amount in unassigned amounts that date back to 2016. Which are mostly made up of GST payments.

When I drill down to the source it’s a cheque posted to GST Payable and the tax code is not accessible.

Can I just make an adjusting entry to clear the whole amount?

 

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