PST Expense


Accounting for PST in BC

Accounting for PST in BC

My question is about the upcoming PST change in BC.

For PST paid on purchases, do I create a separate expense account specifically for PST paid or does it go with the corresponding purchase into that expense account?

For example: I buy ink for the office printer for $100.00. GST is $5.00 and PST is $7.00. Would my entry be:

Dr. Office supplies (code 5005) $100.00

Dr. GST ITC (code 2280) $5.00

Dr. PST Paid (separate code) $7.00

Cr. Accounts payable (Code 2020) $112.00

....Or would it be

Dr. Office supplies $107.00

Dr. GST ITC $5.00

Cr. AP $112.00

section divider

You will find most accounting software will book the second entry you've shown.

Comments for PST Expense

Click here to add your own comments

Apr 17, 2017
by: MIra Krstic

Is it a debit on purchase
And a credit on receivables

section divider

Check out my cheat sheet to find your answer ...

Click here to add your own comments

Return to GST HST.

Enjoy A Tea Break With
Me Today. Let's Chat!

Use the search feature to quickly find the
information you're looking for.

 Keep Your  eDocuments Safe And Secure… $7 USD
Version 2 now out
Bigger and Better

Your Learning Curve!


Warm up your tea cup and check out these chats ...

Click on image above to read the chat.

Purchasing These Products Through My Links Helps To Support This Site

Click on image above for my review.

Join Me On Facebook

Help support this site by "liking" me! Here's where I post current information.

Listed Under Websites NOT Local Business.
This website is not associated with the business operating in Bonnyville AB.

A Handy Reference