2014-12-09 00:00:00QuickBooks BlogsEnglishhttps://quickbooks.intuit.com/in/resources/quickbooks-blogs/product-reflections-2014-part-1/Product Reflections , 2014 – Part 1

Product Reflections , 2014 – Part 1

3 min read

Hi there, my name is Baskar Ganapathy, India QBO Product Manager. We want to share India QBO product updates to you (our customers) with this blog. We hope to collaborate with you on what’s working and not working through these blogs.   First, we want to start by reflecting on what we released last year FY14 (Oct ’13-July’14). While we’re very proud of the product we released, we want to understand how it has benefited you (our customers) and where we can improve. If you have not used any of these features, we want to know why not?   (You can add your comments below or write to me directly at baskar underscore ganapathy at intuit dot com)   In FY14, the following are some of the key highlights of what we released:   •New QBO Look & Feel   •Service Tax o Tax Adjustments & Enhanced Tax Payment o Enhanced Reporting o Track Reverse Charges, Abatement, Service Type   • TDS o Setup of TDS for Suppliers o Automatically compute TDS for normal rates on Bill & Expense o TDS Payable report to help with TDS filing process   • Schedule VI Reports o Top level Balance Sheet and P&L reports as per Govt. format   •Mobile – Android & iOS apps for both iPhone and iPad   •Intuit Developer platform ( https://developer.intuit.com/help ) formerly known as Intuit Partner Program to allow developers to get/post information to QuickBooks   New QBO Look & Feel:   As many of you would have noticed, we released a paradigm shift in user experience last October. Our vision is to transform into the future state of user experience (mobile, touch screens) while still supporting traditional experience. It’s designed to grow with you over time. You can learn more about it at New QBO .   Many of our customers loved it and said this is how experiences will look like in 2020! We also improved our Net Promoter Score (NPS) from +9 to +17 that we attribute to the new QBO look and feel besides other improvements we did to QBO.  

New QBO Look

Service Tax:   We enhanced Service Tax to include key India specific functions such as input credit adjustments – both full & partial, track reverse charge, abatement and summary & detailed reports all available from the tax center.  

Tax

  Let me show how to do input credit adjustments.   1.Let’s first create a sample bill to record a purchase for office furniture and the associated fixing charges. Let’s assume that you can’t take credit for the service tax paid for the furniture fixing charges.  

Bill

  2.Second, let’s reverse the credit for the furniture fixing charges. Go to Tax Center by clicking Tax on the left nav in QBO. Click on Review Input Credit under Service Tax section that will show the list of bills for which you can decide what to do? Click on Reverse Credit for the bill we just created.  

Reversing the Credit

  3.Next, you can either reverse the entire credit or partial credit, this example shows that you have reversed the entire credit.  

Journal- Reversing the Credit

  4.Finally, you can run a report to show all the Input Credit Detail  

Input Credit Details

  TDS – Tax Deductible At Source:   We have enhanced TDS to be fully automated and localized. Automatically compute TDS for normal rates on bill and expenses and developed TDS payable report to help with the tax filing process.   Let me show you how it works,   1.Lets first setup TDS information for a supplier. As shown, you can select Apply TDS and select the corresponding Entity and Section that applies  

TDS Information of Supplies

  2.Next, let’s create a bill and show how to automatically calculate TDS for the supplier we setup. When you click on calculate TDS, QBO will automatically calculate TDS based on the supplier entity / section. You can override the TDS calculation if you want  

TDS

  3.Next, you can view all the TDS activities in the TDS Payable report  

TDS Payable Report

We hope you found the sections on Service Tax and TDS informative and useful. In part two of our post on Product Reflections, we will cover Schedule VI Reports, Mobile – Android & iOS apps for both iPhone and iPad and the Intuit Developer.

Information may be abridged and therefore incomplete. This document/information does not constitute, and should not be considered a substitute for, legal or financial advice. Each financial situation is different, the advice provided is intended to be general. Please contact your financial or legal advisors for information specific to your situation.

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