QuickBooks Q&A
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Hello, I have a question regarding the impact of the sale of my stock products in the P&L. Let's take an example : - On February 2020, I place an order with a factory in China to buy products that I will sell in my shop. The bank flow will be reconcilied with the factory invoice and categorized as 'Purchase' (and will, therefore, impact my P&L)- Then I create each product sheets in the inventory part on Quickbooks (impact on my 'Inventory Asset' - Balance Sheet)- Finally, I sell these products in my shop and, with each customer invoice created, here is the impact on my accounts : 1. Decrease in 'Inventory Asset' (Balance Sheet) 2. Increase of 'Cost of Sale' (P&L) 3. Increase of 'Sale' (P&L) So, I see a double impact in my P&L : 1. Increase of my Purchase : with the Bill payed to the China factory, on february 2020. 2. Increase of my Cost of Sale : each time I sell a sto
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We have recently registered our firm’s Account in Quick Books on trail basis. The firm is mainly dealing with exports and the turnover is more than 5 crores during the last year. More than 95% of our inputs are from only one supplier. As we are exporting the items, we have a special GST rates i.e. 0.10% CGST and 0.10% of SGST.After registering with Quick Books, we have added the two tax rates i.e. 0.10% CGST and 0.10% SGST by using “ADD TAX RATES”. Further, we have grouped the above two tax rates i.e. 0.10% CGST and 0.10% SGST under 0.20% of GST by using the “GROUP RATES”.We have added the above Tax rate i.e. 0.20% of GST to the “PURCHASE BILL” received from our main customer. The above rate i.e. 0.20% GST when applied, have calculated the amounts 0.10% GST and again 0.10% of GST instead of 0.10% of CGST and 0.10% SGST. The above tax rate, when applied, though has given the amount correctly i.e. at 0.10% rate, but the tax rate nomenclature has not correctly furnished i.e. 0.10% CGST an
