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