Editing GST amount in QuickBooks 2011/12

Software: QuickBooks 2011/12 (Australian version)

When entering Bills from supplier, sometime there will be bills that have a one cent different comparing to the GST amount that was auto-calculated from QuickBooks. This is due to the different methods or rounding when computing GST amount. Some software added up the items amount then multiplies the subtotal with the GST rate, some systems round to the nearest one cent, and some cut (no rounding) after one cent mark.

QuickBooks gives you the flexibility to edit your GST amount in Bill transaction. By default, QuickBooks 2011/12, does not allow to edit the GST amount (Tax Amt column) in Bills. You can amend the preferences to allow the “Tax Amt” field to be edited. 

From the Edit menu | go to Preferences | Tax | Company Preferences tab, select “Yes” radio button for “Do you want to edit tax amount?”

2011_0805_gst
After setting up the preferences, you can edit the GST amount (Tax Amt column) in Bill transaction.

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