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H
helenBC
August 1, 2022
Question

ITCs on Fixed Assets

  • August 1, 2022
  • 1 reply
  • 0 views

Hi there,

 

Self employed person here on Quickbooks Online. I'm adding some capital expenditures for this year (as fixed assets) and while these aren't included in my profit and loss until my acct works out the depreciation - the full GST/ITC is shown in my GST tax reports. Is this right or should the ITC also only be a portion of the full amount because it's a capital expense. I'm pretty new at this and appreciate the help :)

1 reply

J
JamesM4
August 1, 2022

Hello helenw595-gmail-,

 

Welcome to the Community. QuickBooks is a powerful program that helps you manage your work with peace of mind. I'll be glad to share more info so you're on the right track with your work.

 

Making sure you're recording your transactions properly is an essential step for maintaining clean books. To ensure accuracy in your books, I recommend reaching out to an accounting professional for expert advice on this. If you're not in contact with a professional, don't worry, you can search for one using this link here. 

 

I'll also leave this question open in the Community so other accountant users can share their advice. Otherwise, feel free to ask other questions, I've got your back.

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