PST self assess - Quickbooks

PST self assess PST needs to be paid on certain items that get used in the business but are NOT part of the final product sold.  For example a camera, a duplicating tower, or a lens must all include PST, whereas blank DVD’s, CD’s, cases, etc are PST exempt.

PST self assessment occurs when one purchases something that does not have PST charged and should have.  For example if we order something from the USA or out of province, the PST is not charged.  In this situation we need to self assess the PST.

Process is……

In the “enter bills” or “cheque” or “enter credit card charges” windows there are “expenses” and “items” tabs.  Enter taxable item under the correct tab and use the tax code (either S or P) that will cause the PST to be generated in the tax box at the bottom of the form.  Then under the “expense” tab enter the PST using the “PST Payable” account, the negative PST amount and a memo such as “PST SELF-ASSESS”.