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December 4, 2022
Question

Where i can see the second side of GST payment entry?

  • December 4, 2022
  • 1 reply
  • 0 views
I filed GST (can see entry in GST/HST payable. I paid GST (credit in the Bank,  where is the debit side)

1 reply

December 5, 2022

Hi there rimma_levin,

 

It's vital that all your transactions are properly entered for all your boos to be well balanced. QuickBooks Online is a great tool able to help you keep track of taxes while they are filed and paid to the government. I can provide some information about the money movement of taxes through the filing process.

 

While the day-to-day transactions are being made, income taxes are collected on sales, and perceived on expenses get moved to the GST/HST payable account, as you've already noticed. When the return is marked as Filed within QuickBooks, the money is then moved to the GST/HST Suspense account. When the payment is created, the money from the payment account, whether it be the bank or credit card account, is sent to this account to remove the balance of the Suspense account.

 

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