Sending in our sales tax to the tax man is not the most exciting thing to do, but you do have to enter it correctly into xTuple so that you books will balance!
Once you have totaled the taxes collected, paid and the balance owed to you or the government, you will have top make a series journal entry:
Create a journal entry:
GST collected – enter as a debit
PST collected – enter as a debit
GST paid – enter as a credit
PST paid – enter as a credit
The remaining amount will either be money owed to your company, or money your company owes to the government.
If you owe money, you will notice that the balance is negative. You will have to pay the debt with one of your account. We used the checking account, s, the last entry will be a
“credit”
and you enter the account you will used to pay the sales taxes.
If you are owed money, the balance after entering the sales taxes info will be positive, you will enter it as a credit to the account where you will deposit the money.
Any questions, ask!