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A
adam-mcdougall
June 12, 2024
Question

Track GST on Bills and expenses for rebate later

  • June 12, 2024
  • 2 replies
  • 0 views

Hello,

 

I am working for a charitable organization who can submit for GST rebate. I was wondering what the best way to track the GST on expenses and bills? 

2 replies

J
JamesM4
June 12, 2024

Hi adam-mcdougall, 

 

Thanks for reaching out to us here. QuickBooks is designed to help you streamline your accounting. I'll be happy to steer you in the right direction so you're on the right track. 

 

Based on what you've shared above, I see you benefiting more by utilizing the Transaction Detail by Tax Code report in order to track just the GST on expenses and bills. QuickBooks allows you to customize reports so they view the info you're looking info. I encourage you to check out this article for more details on how you can do that.

 

In order to learn more about the reports available in the program, check out this article here. Here's an article that shows you: How to customize your reports.

Let me know if this info helps. I'll be a message away in case you have other questions.

T
TKP79
June 12, 2024

Does the organization collect and remit GST as well or is it just for the rebate (PSB Rebate?). Are you just looking for how to find a report with the info or how to acutally manage the recording of the GST info in QBO?

A
adam-mcdougallAuthor
June 13, 2024

We don't collect and remit GST, so we are just tracking for rebate purposes. 

 

I am not sure if this is possible, but for each line item on a expense/bill, is it possible to include the tax, then have a percentage of that tax mount collected in a asset account for later submission? Or am I overcomplicating this? 

T
TKP79
June 13, 2024

Hi Adam, 
That sounds like a logical way to do it, I assume the GST rebate receivable portion into a receivable account and the remainder into the GL account applicable to the expense? I do a similar process for the GST on meals as we only claim 50% of the ITCs. It involves making tax codes for the specific percentage rates for each portion (2.5% in this case-1/2 of the 5% GST rate), coding one 2.5% tax code as trackable and the other 2.5% tax code as not trackable, and then grouping them into a tax group so you can apply the two codes together to any expense and 50% will go to GST ITCs and 50% to the meals expense. I don't know enough about setting up taxes in QBO to know how to accomplish this for your rebate situation though. I wonder if it is even possible with their GST automation as nothing in your transactions would be booked to the QBO GST liability accounts they force you to use. Hopefully someone else on this forum might have an answer now that it is clear you aren't looking for a report. I'm sorry I couldn't be of more help. 

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