HST Payable - Negative
Reconciling GST/HST Payable
I am doing my HST quarterly and my starting balance for HST account is -545.13 in "transactions by account". I think it should be zero.
My debit column is 1075.19
My credit column is 356.46 which includes a previous refund of 352.56.
My ending balance is -1263.86
I am not sure how to fix my error which has happened a while ago. How do I get rid of the -545.13 so that it is zero.
If you are tracking your sales tax in one account (as QuickBooks does), it is very unlikely you will ever have a zero balance at the end of a quarter.
I chat a bit about manual GST/HST tracking
to help you to see how GST/HST works.
You should run your GST/HST report for the quarter using Reports> Sales Tax. Choose the summary report to see your numbers for the quarter. If you want the detail behind the numbers, run the detail report ... which I always recommend to keep to backup your submission in the event of an audit.
While "transactions by account" is great to customize many queries, Sales Tax has a special module in QuickBooks. It's better to use those reports.