JE for GST Self Assessed

Question

How do I record the journal entry for self assessed GST. I know the GST collected is a debit, GST paid on purchases and payment from my bank a credit. But how do I JE the amount that we paid to Revenue Canada for the GST self assessed on items? Any guidance would be appreciated.

Agate · Answer

Elise: 
 Self assessed works the same as what you mentioned above. You will need a separate journal entry or a/p entry for your self assessed GST if you have entered all of the GST collected and GST Paid whether it is personal and business. If you have excluded personal purchases in the business then self assessed GST is unnecessary. 
 I hope I answered your question!

Elise W · Answer

Apologies, can you clarify? I'm not clear on the JE for the GST self assessed portion. 
 For example if my GST collected is $1500, GST paid is $700, Self Assessed GST is $200, Payment owed is $1000 
 What would the JE be? 
 Thank you

Sage 50 Canada

JE for GST Self Assessed

Top Replies

COMMUNITY

COMPANY

PARTNERS

SUPPORT & TRAINING