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Level 1

High % GST on import goods



Just started using Quickbooks after upgrading from older (much more manual software)

So my main issues is when GST exists on a transaction that is either 0% or 10%

I have import invoices that are total $7000 with say $6500 GST (mostly 10% of the goods cost)
I also have invoices where most of the items listed were done overseas (freight etc) and don't attract GST, so this might be $2500 total, with only $30 GST

So what I am thinking is to address it as follows.
Using example of $7000 total with $6500 GST
For the transaction that was transferred from my bank statement (total $7000) add it to Shipping and Freight at 0% GST
Scan in the paper copy of the same $7000 transaction, but this time change the value in QB to $6500 and list it as a GST Liability payment.

As I said, only been using QB for a week, so still finding my way, if anyone could either confirm or offer a correct procedure that would be appreciated.

4 Comments 4
Level 1

High % GST on import goods

So I spoke with QB Help because there were no suggestions here.
She did a screen share and I ended up with this for a particular invoice (see attached)
Assuming this was correct, I ended the chat and then made note before I clicked confirm.
When I did, after noting the procedure, I got the error message...
"You have either selected a tax liability account on a transaction where it's not allowed, or haven't specified a tax rate along with it."

So I guess I refer back to my original post as possibly being an option to solve this.


Level 1

High % GST on import goods

ON, so I ended up getting a solution from QB Help.
Posting here so it can help others.
Bit of a run around, but gotr there in the end.
See attached image of how to enter.
On this transaction, the total invoice was $3033.64
GST paid within that expense was $2558.70

First split id the GST amount  x 11 (GST On Purchases)
Second is the same with a negative amount (GST Free Purchases)
Third is the GST amount paid (Out Of Scope)
Forth is the different between the total invoice amount and the GST paid (GST Free Purchases)
If you look in the bottom right corner of pic attached you'll see the correct GST amount in there.

See pic attached

9130 3466 1239 8286
Level 1

High % GST on import goods

Thank you soooo much!!

This has been a headache and now solved, great work

Level 1

High % GST on import goods

Thank you, that has helped me immensely!!