QuickBooks | GST Accounts

Software: Intuit QuickBooks accounting software

Instead of having a GST payable account, which consolidate both the GST Input and the GST Output, you may consider separating it into two accounts; GST Input account and GST Output account.

From the Chart of accounts list, create the GST Output account as an Other Current Liabilities account type and GST Input as an Other Current Assets account type.

Then, when creating the Tax Agency, IRAS, you associate the “Track tax on sales separately to” with the GST Output account, and associate the “Track tax on purchases separately to” with the GST Input account.

QuickBooks - Tax Agency

Note: some user may prefer to create both the GST Input and GST Output account as an Other Current Liabilities account type and set these two accounts as a sub-account of the GST Control. This method gives you a net GST Payable or Receivable in the Balance Sheet report.

QuickBooks - GST accounts

 

 

Comments are closed.