QuickBooksForum.com.au

Hi All,

Bit of a nubbie question: I have been evaluating both Quickbooks and MYOB, so far I have not found a quick and easy way to deal with GST on Purchases in QB, however in MYOB it seems relatively painless.

In QB, I have set up an account (as 'other current asset' because I may be able to claim some GST back at the end of the tax year) and am assigning that as a seperate component in the 'Bills'; I then have to manually enter the GST $ figure; however this method seems to be quite open to user error.

Ideally I would like to state whether a purchase item is subject to GST and have QB calculate the GST based on the total transaction price (as MYOB does).

Does anyone have any suggestions for the best way to handle GST on Purchases? I hope I have just missed something big and obvious!

Thanks in advance.

I'm sorry Imorse, but it sounds as though you have missed something very big and obvious.

The first thing I can see is that you have set up an asset acct to handle GST - QuickBooks already has a liability account called Tax Payable to do this.

It sounds to me that you haven't set up tax tracking in QBooks. You would have been asked this in the set-up interview, but if you missed it, go to...

Edit > Preferences > Tax > Company Preferences 

... and answer YES for the question "Do you track tax?"

Now when you go into the bill section, you will see a column named TAX - this is where you select the appliacable tax code (just like MYOB).

Please post the outcome.




Regards,

Jason
Quick Book Solutions
www.quickbooksolutions.com.au