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ducky654
July 20, 2022
Question

How do I easily find how much is subject to GST if only a portion of the receipt is charged GST?

  • July 20, 2022
  • 1 reply
  • 0 views

Hi, I find I often have to "reverse calculate" to get my GST amount correct.  For example my receipt is a subtotal of $134.43 but the GST charged is $2.44.  For  my entry the amounts are inclusive of tax,  I use 2 lines, the first line is the category (tools, supplies, fuel or whatever) the sales tax is GST, and I fiddle with the amount to make sure my GST portion at the bottom matches my receipt,  then I put the difference on the second line with the same category but tax at zero rated.   

It is very fiddly trying to get the amount correct to show the right tax amount.  Is there any easier way to have the GST at $2.44 and calculate what that amount is calculated on? 

1 reply

T
Trish_T
July 20, 2022

Hi ducky654,

 

Welcome to Community!  QuickBooks Online Sales Tax feature automatically calculates the associated sales tax to save you valuable time.  I'd be happy to provide more information so you're on the right track with your QuickBooks goals!

 

Based on the information you've provided, I recommend reviewing the sales tax set up.  In addition, 'Inclusive of sales tax' indicates the tax is included in the price of the item, whereas 'Exclusive' would be the price of the item plus the sales tax rate.  You can add a default sales tax to products and services so it's automatically added and calculated on your forms.  Here's a helpful guide for adding sales tax to your products.

 

Please don't hesitate to contact us if you require additional information.  It would be our pleasure to work with you in real time and ensure you're back to business as soon as possible.

 

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