Fuel tax credit income account not in CoA after setup in GST settings

Hi Chris,

Thank you for reaching out on this and welcome to our community!

Once you've turned on Fuel Tax Credit from the GST Centre, please follow these easy steps to create the CoA for FTC: 

1. Go to the Gear icon and choose Chart of Accounts. 
2. At the top-right corner, click New.
3. In the Category type, choose Expenses. 
4. Choose Auto for the Detail Type. This is where you usually track costs associated with vehicles. 
5. Fill in the rest of the fields. You can choose the Default GST Code from here. 
6. Click Save and Close when you're done.

For more information on how FTC works in QuickBooks Online, please visit the link below:

Fuel Tax Credit (FTC) and BAS

If you're not entirely sure what's best for you and your business, it's best to consult with an accountant. 

You may also want to refer to this article about fuel tax credit published by the Australian Taxation Office:

https://www.ato.gov.au/business/fuel-schemes/fuel-tax-credits---business/

Thanks for that Zac. You describe how to track fuel expenses but that doesn't really answer the question.

My question relates to the BAS connection. The help section states -

"When FTC is enabled in GST settings, QuickBooks will create a Fuel Tax Income account, and include FTC fields inside your BAS filing flow."

This account has not been created on enabling FTC in my account. I am looking for the parameters for this income account.

Regards

Chris

Hi Chris, 

Thank you for the clarification. 

I have checked my test file. The FTC income account created by enabling it in GST centre is under

Account Type: Other income

Detail Type: Other Miscellaneous Income

Hope this helps.