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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!
Solved! Go to Solution.
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:
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!
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:
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!
Thank you for the help. Much appreciated :)
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