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December 13, 2022
Question

Do I need to change the GST tax in QB with effect from 1 Jan 2022 in Singapore?

  • December 13, 2022
  • 1 reply
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1 reply

MJoy_D
December 13, 2022

I can share some information that can help you with setting up GST tax, @candra1.

 

I suggest reaching out to an accountant or a tax professional to verify if you need to change the GST tax. Once verified, you can create a custom tax agency. 

 

Here's how:

 

  1. Go to the Taxes menu and click on Add tax.
  2. Select Custom tax.
  3. Set the Tax nameDescription, Tax agency name, and all other information. 
  4. Select the type of transactions this tax is applied to. Note: Usually, it'll be for both Sales and Purchase transactions.
  5. Enter the Sales rate or the Purchase rate depending upon the type of transaction selected.
  6. If the tax applied on purchases is reclaimable, select the box Purchase tax is reclaimable.
  7. Click on Save.

 

For detailed guidance, check out the article on how to create a custom tax agency. Please take note that depending on your location, QuickBooks may have taxes set up all ready for you. 

 

After that, you can apply the GST to a product or service. More information can be found in this article: Add a GST category to your products and services. It'll take you through the process of determining which products or services require a GST category and assigning it to a product, inventory, or non-inventory item.

 

Let me know if you need further help changing your GST tax in QuickBooks. I'm always here to help. Have a great rest of the day!