Sales Tax Paid on Purchases

Palern

I'm no accountant, but at first glance I thought this software would be fairly intuitive.

I can't for the life of me, however, figure out how to keep a total of the tax I've paid on purchases so I can put this against the tax I've collected when I remit my HST.

Does anyone know how this is to be done?

N_C_H_OMG

- Go to 'Options -> Tax'.

- Select or Add your desired tax rate (E.g., HST), and click 'Edit'

- Bottom of the 'Tax Rate' dialog, there's a 'Sales tax paid account' drop-down list. Select the desired account and click 'OK'.

Depending on your account selection, the total of the sales taxes paid will be displayed on balance sheet or income statement.

Palern

Thanks, but I don't see 'sales tax paid' in that drop down and that's where it needs to be allocated to appear in the VAT report.

I can do it if I enter a payment manually in the journal but I can't set it up to do it automatically