HST/PST over $10 million revenue

by Carol
(Thunder Bay)

Do I need to set up a separate general ledger account to separate the PST portion (8%)from the HST general ledger if my annual revenue is over $10,000,000.00 for accounting purposes?

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Hey Carol,

I no longer have expertise with large businesses ... and a business with annual revenue over ten million is considered a large business.

That said, you might want to head over to the Intuit Community site to watch a webcast on how to setup QuickBooks to capture restrictive input tax credits (RITC). You should be able to apply what is being presented to your situation and your accounting system.

The webcast you want is Harmonized Sales Tax in QuickBooks in BC presented by Eileen Reppenhagen CGA.. The last time I looked, it was located at Intuit Community >Help with Intuit Products> QuickBooks Canada> Media Library.

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