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Is it correct to credit Receivable Account when registering GST/ QST/ HST Paid on Purchases?
Your help is highly appreciated,
When GST/HST is collected, the GST/HST liability account is credited. Likewise, when input tax credits are claimed (for GST/HST paid on business expenditures), the GST/HST account is debited. The same applies to QST collected and paid.
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