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lawrenanne1
November 8, 2022
Question

unassigned sales tax in prior years

  • November 8, 2022
  • 1 reply
  • 0 views

I have 8 years worth of payments to the Ministry of Finance in which PST due was paid by cheque directly out of the PST payables account, with the commission going into "non operating revenues".  (So expenses would show $60 to PST payable, -20 to non-op income, and the cheque amount $40.)  The "file sales tax" has never been used.  I have tried to reverse these a variety of ways without affecting the trial balance for a given year, but something always changes, presumably because if it was done properly the commission wouldn't have gone to non-operating revenue.  If I try to do this in the current fiscal year by adjusting out the "unassigned amounts" (the amount on 8 years worth of cheques to the ministry), the unassigned amount doesn't change.  How do I get QB to recognized that the unassigned amounts were PST payments? 

 

I'm going to have the same problem with GST accounts as well, I think.

1 reply

A
Alex M
November 8, 2022

Hi there lawrenanne1,

 

It's important that all your transactions be correctly entered so your account balances can reflect reality. QuickBooks Desktop is a great tool able to help you keep track of transactions so you know the amount of taxes owed to the government. I can point you in the right direction for assistance with these taxes.

 

In order to know which way you should be making this adjustment so that your books can be well balanced, all while affecting your taxes properly, I recommend reaching out to the QuickBooks Desktop support team outside of the Community. They'll be able to guide you in making adjustments in order to make surer that your taxes are correct. You can reach them using the methods outlined in the QuickBooks Desktop software support policies.

 

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

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