Software: Intuit QuickBooks accounting software GST Output is a liability not an income. Hence, you can’t show a Profit and Loss report with the GST amount being added to the Income account. However, you can print a Daily Sales Summary report with a Net, Tax, and Gross amount of each invoice. From the Daily Sales […]

Software: QuickBooks accounting software Assume your GST cycle is quarterly, ends in March, June, September, and December. You have issued an advance payment of $10,000 before the 7% GST to a supplier in the month of October 2015 via a Write Cheque transaction. If the advance payment received forms part payment of the supply, GST […]

Software: Intuit QuickBooks desktop accounting software When a foreign currency bill is recorded, QuickBooks will automatically convert the foreign currency value of the inventory item based on the exchange rate set in the bill to a base currency value and update the inventory account accordingly. Assuming your base currency is Singapore dollar, you recorded a […]

Software: Intuit QuickBooks Desktop accounting software GST (Goods and Services Tax) is a liability not an income account, hence when you print the Sales by Customer Summary report it prints only the sales amount (excludes GST), which is correct. You may consider using the Sales by Customer Detail report instead of the Sales by Customer […]