QuickBooks Online is designed to give you full control over generating and sending invoices at the same time. Here we will provide you with comprehensive sales tax in QBO and learn how to change PST number in QuickBooks Online.
By default, sales forms must show tax registration numbers to ensure the invoices are consistent with local tax agencies. If you already have it displayed below the sub-total, you can easily remove and change the tax rate of your PST from the top.
Understand PST number
Provincial Sales Tax (PST) is a retail sales tax that occurs when a taxable product or service is bought, obtained, or brought into B.C. unless a particular exception exists. the PST number consists of 11 characters in the specified format, for example, PST- 1234-5678. The PST usually applies to the lease or purchase of used and new goods in B.C. Sometimes, changing the PST number is necessary due to some reason or somebody wants to remove the duplicate registration number and create a new one or change the new PST number. Here is a simple way that helps you to easily do that in QuickBooks Online.
How to Change PST Number in QuickBooks Online
The below-mentioned steps are pretty simple and easy. Or is it only an answer to your question: how do I change PST number in QuickBooks Online? The steps involve:
- Initially, go to the Taxes option that you can find on the left
- Next, select “Manage sales tax” in the open Sales Tax window
- Now, select the pencil icon next to the name of the appropriate sales tax agency and choose the PST agency.
- Click Edit [tax agency] and then select Edit Settings.
- After that enter the new PST number in the Business Number (BN) box.
- At last, hit the Save button.
Instructions for PST return
The tax return is mainly designed to help you calculate and remit Provincial Sales Tax (PST) and provide you with a record of your calculations.
It has three main parts
- Remittance Form: The top tear-off Remittance Form is where you record the sending-in tax figures with your payment. The tax return shall be for tax collected or owed during the reporting period. You can also file your return with your bank and make your payment using the online electronic filing section.
- Worksheet: The middle section of the form is a worksheet area for calculating the figures recorded on the remittance form and providing you with a record of your calculations. There is also a PST worksheet to help you register your tax credits and show how they can be used for your return
- Change Notification: You can change the name, address, or business closure by filling out a form that you can find at the bottom of the form.
Penalty and Interest for PST Return
- Penalty: It is charged on tax that has not been remitted by the due date. The following are the amounts applied Each return period is subject to a penalty of 10% of the tax payable, up to a limit of $500.
- Interest: interest is paid on tax not refunded by the due date. The applied sums are as follows: Prime interest rate plus 3% interest is paid as of the date the tax was due.
These charges, along with other collection measures, are sufficient to ensure the tax is levied and postponed by the due date. The penalty and interest amounts are expressed, if any then it reflects on your account balance on the next return. You can contact the certified QuickBooks Proadvisor toll-free helpdesk number for further inquiries. The team is happy to assist you and provide you with the relevant solution for queries on change pst number in QuickBooks Online.
Frequently Asked Questions
How can I add PST to invoices, sales receipts, estimates, and credit memos on my own?
Yes, you can do it by
● Go to the Tax column, then check the taxable products and services.
● Now select the appropriate sales tax then choose Add New then Save your entered information.
How Do I Modify PST Numbers on the invoices in QuickBooks Online?
● Now choose the Add rate for the sales tax agency the code is related to.
● Choose Edit agency settings.
● Change the number in the sales tax number field.
● Click Save.
