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O
Ottawaadmin
October 6, 2019

Get payable & input tax credits **please be patient I'm new at this

  • October 6, 2019
  • 1 reply
  • 0 views

I'm new to quick books but I have a solid accounting background 

I'm interested to know ?

does the system automatically calculate both the Gst payable account as a net from sales/purchases already entered in system

and does th Input tax credit get generated the same way from the information that has been previously entered into the system

 

just a quick ask from the community

thx

have a great day

    1 reply

    O
    OttawaadminAuthor
    October 11, 2019

    Its okay i have the answer

    GST Payable is a internal amount calculated by the system based on info we have input

    such as Sales and tax collected therin 

    It also internally calculates from the amounts we paid from our bills for purchases we paid for...etc

    it is a net amount of GST PAYABLE is based on the difference of the two of them

    To get a better perspective separate  them download the GST Payable to EXcel Spreadsheet and separate the pluses and minuses to see the real effect  on this G/L

     

    Try it it really works well for those who have questions on this very important tax tool

     

    Thx,

    Happy Hunting

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