Paying PST

1. Display a Balance Sheet (Reports > Company & Financial > Balance Sheet Standard) for the period-end date. The amount that shows for PST Payable will be the amount of the cheque before compensation (see below).
2. From the Vendors menu, choose Sales Tax, then File Sales Tax. QuickBooks shows the last day of the previous month in the Show Sales Tax Through field. Enter the date that the current sales tax period ends.
3. Select the appropriate vendor (usually Minister of Finance) by clicking in the Pay column to the left of the vendor.
4. From the Payment Account drop-down list, choose the chequing account you want to use.
5. Select the “To be printed” radio button. Enter the period-end date as the Payment Date. Ensure all of the information in the File Sales Tax window is correct, and click Next.
6. If the balance sheet amount does not equal the total on the PST report, enter an adjustment (in the box, not the button) to balance.
7. Print the return. The PST Payable on the Balance Sheet changes to $0 if these instructions were correctly followed.

Compensation

8. Locate the PST cheque you created above.
9. Select the Expenses tab below the cheque. Click the first line below the PST Payable entry and select the income account you use for PST compensation (# 4105).
10. In the amount column, enter the amount of compensation for this return as a negative number. Click the Recalculate button.
11.  Save and print the cheque.