Monday, 4 September 2017

How QuickBooks set common GST codes?

you need to setup the Tax Account. To simplify the process, you can consider setting up one single Tax account – GST Payable, to capture both the input and output tax. This account acts as a control account and will be in Other Current Liability types of QuickBooks payroll account. Since there is only one account for both input and output tax, the value will be in negative when there is a claim of GST from the tax department.
The user needs to set up the Tax Agent — IRAS. This is a supplier type of name. The user needs to check the check box for Tax Agent when setting up the name. In the Tax Agent profile, the user can set the quarter ending for GST, Tax label and the Tax Accounts associated with Sales (Output) and Purchase (Input) with the Tax Agent.
Hope this answer will be helpful for you. For more information about this, dial QuickBooks support phone number+1-855-441-4417. You can ask any query related to QuickBooks from well qualified and experienced accounting experts.

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