Goods and Services Tax (GST)

If you have questions about tracking taxes, please consult your accountant.

To track GST / HST in Buildium: 

1. Add a liability account to your chart of accounts

  1. Navigate to Accounting > Chart of accounts.
  2. Click Add account.
  3. Complete the form:
    • Name: GST liability or HST liability
    • Type: Long term liability*

      *GST / HST, by accounting principle, is considered a short term liability because it must be remitted to the government within the year. Recording as a long term liability is a work around to the Buildium system for accurate cash balance reporting.

  4. Click Save account.

If your province requires that you track PST as a separate line item, just add an additional account - PST liability - to your chart of accounts.

 

2. Record transactions using the liability account

When you pay out money, part of which includes GST / HST, add a line item to the check or bill that uses the GST / HST liability account.

In this example, we will use the GST liability account.

Property Account Amount
15 Main St Repairs expense $100
15 Main St GST liability $13
  Total $113.00

At the end of the year, use the liability account to tally your total remittance to the government.

Remittance to the government is calculated as:

GST/HST Collected - GST/HST Paid= Remittance

To report on GST / HST paid out, you can run a variety of reports to calculate these totals, including a Balance sheet or the Transaction detail by account report run for GST liability or HST liability.

 

Article #: 111125

 

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