Taxes > PST > Processing your PST return

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Processing your PST return

You can use the Process PST Return feature to view reports showing the amount of PST you collected and paid.

The report includes transactions that contain PST and are entered through transaction entry, point of sale and the general journal. All transactions containing PST in the reporting period must be entered, or they won’t be included on the report. General journal transactions aren’t included in the Sales and other revenue section of the report.

You can generate a return for each reporting period (monthly, quarterly, annually, etc.). You should back up your data file before generating the return because you can’t reverse it after it’s saved.

To process a PST return:

  1. Select Process PST Return from the Taxes menu. The Process PST Return dialogue box appears.
  2. The Last remittance number and Last remittance date fields are automatically updated when you save the return. You can’t edit them.
  3. Enter the last day of the current reporting period Include PST amounts before field or click the arrow and select it from the calendar. This date must be after the Last remittance date.
  4. Click the Transaction List tab to view the transactions that make up the return, without having to generate the return itself.
  5. Click Print to display your PST return. Print it for your records.
  6. Click Close to close the report. The Posting Information dialogue box appears showing the remittance information.
      Note: If you don’t want to save the PST return, click Cancel to close the dialogue box without recording any changes.
  7. To save the return, verify the customer or supplier listed in the Charge to field. Click to select a different contact to post the refund or amount owing to.
  8. Select the icon to add notes about the transaction. These notes appear on the transactions report.
  9. Click Record to record the PST return. The appropriate PST ledger accounts are cleared and the refund or amount owing is posted to the selected customer or supplier. You can print this and other previously generated PST returns from the report console.
      Note: To record a PST remittance, enter a withdrawal transaction offset with a payable payment to the PST payable supplier account. Click here for more details.

Last updated on June 23, 2015 by FCC AgExpert