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Filing PST and Recording PST Commission

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Whether your business has to file PST monthly, quarterly, or annually, QuickBooks provides an easy way to file PST return:
1.    Open the Tax Agency Report:
•    From the Main Menu,  select  Sales Tax > Manage Sales Tax to open Manage Sales Tax window;
then select the Ministry of Finance (BC) in the Agency column and View in the Summary Report.
•    Or you can also open the Tax Agency Report from Reports > Sales Tax > Tax Agency Report, and Select the Ministry of Finance (BC) in the Tax Agency drop down menu.

QB Filing PST and Recording PST Commission 1

 

2.    If your business is located in a province that allows you to claim a reduction in a PST remittance known as a PST Commission, make sure you calculate and include your reduction/commission when filing PST return.
In British Columbia, PST was reimplemented on April 1, 2013 and the PST Commission rate is as follows:
•    Amount of tax collectable if Tax Collectable on Sales (Box B on the return) is $22 or less;
•    $22 if Tax Collectable on Sales (Box B on the return) is $22.01 - $333.33;
•    6.6% of tax collectable if Tax Collectable on Sales (Box B on the return) is more than $333.33.

To record your PST Commission, click File Return to open File Sales Tax window:

 

QB Filing PST and Recording PST Commission 2



Note that this report is exactly the same as BC Provincial Sales Tax Return form (PST Fin400).

 

3.    Choose Adjust Return bar to open Sales Tax Adjustment dialog box:

 

QB Filing PST and Recording PST Commission 3

 

Enter Adjustment Date, Entry No., and Class if you use one.  Select PST (BC) Commission in the Sales Tax Item box.  Choose your Adjustment Account from your chart of account; make a new account if you don`t have one yet.   Enter the amount of commission the Amount box – in the above example, the PST Commission is $22 because Box B is $175. Select Decrease Sales Tax Line button and click OK.

 

4.    Recheck your File Sales Tax window in Step 2.  Now your PST Commission should be included, reducing the Total Amount Due of your PST return (from $175 to $153) and adding the commission into Total Sales (from $2600 to $2622):

 

QB Filing PST and Recording PST Commission 4

 

5.    Similarly, you can repeat Step 3 if you have other PST adjustments – Box F, H, I, and J.

6.    Once all the numbers are checked click File Return.  You will be prompted if you want to print and to enter your account payable:

 

QB Filing PST and Recording PST Commission 5

 

7.    Select Pay Now or Pay Later to remit your payment to the government.

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