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summery123
Level 2
posted
‎July 21, 2022 10:57 AM
last updated ‎July 20, 2022 5:57 PM

Entering expenses as ex GST as a sole trader

Hi all :)

 

I signed up to QB Self Employed last night.  I'm a sole trader doing food/alcohol deliveries and *not* registered for GST and don't envisage on doing so in the near future.

 

My question is: As I'm not registered for GST, do I need to enter my expenses as ex GST? Or, can I enter the cost (inc GST) and then QB will accommodate for the fact I'm not GST registered by automatically calculate the cost ex GST?

 

Obviously I cannot claim GST, so, I didn't want QB Self Employed to set aside my deductions as inc GST when it comes to tax time.

 

PS:  When I enter my receipts, I noticed there's a 'including GST' toggle button under the 'Business use' field where you type in the cost of the expense.  Would I be correct that I need to toggle this button 'on' to tell QB this cost includes GST?

 

I hope that made sense, but if not, please feel free to let me know and I'll try to make it clearer :)

 

Many thanks!

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Best answer July 21, 2022
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Best Answers
IntuitAika
Intuit
Intuit
‎July 21, 2022 11:27 AM

Entering expenses as ex GST as a sole trader

Hi summery123,

 

Thanks for posting in the Community! If your business is not registered for GST, thus you don't need to setup GST in QuickBooks Self-Employed or apply GST on your transactions. 

 

Here's how to turn off GST: 

 

  1. Click on the Gear icon and select GST setup.
  2. Select Stop managing GST.
  3. Select Yes to confirm.  

 

If you have set a GST on a transaction (inclusive or exclusive of tax) this will be automatically reflected on your tax summary report in QuickBooks Self-Employed. For more detailed information, you can check this article: GST Overview for QuickBooks Self-Employed. 

 

Feel free to drop a comment below if you have any other questions. Have a great day! 

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2 Comments 2
IntuitAika
Intuit
Intuit
‎July 21, 2022 11:27 AM

Entering expenses as ex GST as a sole trader

Hi summery123,

 

Thanks for posting in the Community! If your business is not registered for GST, thus you don't need to setup GST in QuickBooks Self-Employed or apply GST on your transactions. 

 

Here's how to turn off GST: 

 

  1. Click on the Gear icon and select GST setup.
  2. Select Stop managing GST.
  3. Select Yes to confirm.  

 

If you have set a GST on a transaction (inclusive or exclusive of tax) this will be automatically reflected on your tax summary report in QuickBooks Self-Employed. For more detailed information, you can check this article: GST Overview for QuickBooks Self-Employed. 

 

Feel free to drop a comment below if you have any other questions. Have a great day! 

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summery123
Level 2
‎July 21, 2022 11:34 AM

Entering expenses as ex GST as a sole trader

Thank you for the help. Much appreciated :)

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