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Jess-Lofi
Level 1

100% GST transactions / Importing goods

Hello,

I need help with 100% GST transactions.

I found the following link 

 

https://quickbooks.intuit.com/learn-support/en-au/gst-and-bas/100-gst-importing-goods/01/262657#M9

 

However when I do it this way I end up with a negative figure which is muddling up my reports and thus they are incorrect.

Has anyone been able to solve this issue.

Thanks, Jess. 

1 Comment 1
Ken - Product Champion
Content Creator

100% GST transactions / Importing goods

Hello Jess-Lofi,

 

You do have a suitable article for the process of recording 100% GST transactions, but I would like to make a few notes that may help regarding the article:

  • Ignore the Insurance and Tax lines used in the example, they detract from the core principle of the process
  • That example, and effectively your transaction, are meant to be marked as Exclusive of GST. If you use Inclusive of GST, you will end up with a negative figure on your Profit & Loss.
  • The GST amount is always calculated as a percentage of the base amount in the lines of your transaction. If you haven't been doing so already, take the pure GST amount that you wish to pay, and work backwards to determine the base amount you need to input in order for the system to calculate that much GST.

I hope that helps.

 

-Ken