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How do I enter the total GST charged on a car loan (which includes interest and fees) without posting the interest and fees expenses at the time of the loan setup?

 
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QuickBooks Team

How do I enter the total GST charged on a car loan (which includes interest and fees) without posting the interest and fees expenses at the time of the loan setup?

Hi there, stephenpdoughty.

 

If you're creating a cheque for the car loan payment, you can manually edit the GST to enter the total amount. For not including the interest and other fees, please consult your accountant to ensure financial report accuracy.

 

Here are the steps:

  1. Click the Plus (+) icon located in the upper right-hand corner.
  2. Under Suppliers, choose Cheque.
  3. Select the Payee, and enter the loan account under Category.
  4. Select Exclusive of Tax from the Amounts are drop-down list.
  5. Enter the amount and choose the GST.
  6. Under the Subtotal, edit the GST amount to enter the total.
  7. Click Save and Close.

You can also check these article for more details:

Should you have other questions or concerns, feel free to reach out to us. Thanks.