cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
dclandscapinginc
Level 1

We purchased a truck through a loan, entered a journal entry debiting the vehicle acct & crediting loan acct - the GST paid for the truck isn’t showing on the GST report.

 
5 Comments 5
JamesM
QuickBooks Team

We purchased a truck through a loan, entered a journal entry debiting the vehicle acct & crediting loan acct - the GST paid for the truck isn’t showing on the GST report.

Hello dclandscapinginc,

 

Glad to hear from you again. Congrats on purchasing the truck for your business. I'd be glad to steer you in the right direction with figuring out why the GST paid isn't showing on the GST report. 

 

QuickBooks is a robust program which offers tonnes of features that allow you to save time and get ahead with your work. Based on what you've described, I recommend checking to make sure the GST report dates are matching the journal entry dates. You may also want to check your accounting method. There are two types of accounting methods in QuickBooks Online; Accrual Basis and Cash Basis. 

 

Accrual basis

  • In this accounting method, the time when you enter a transaction and the time when you actually pay or receive cash may be two separate events.
  • An accrual basis report shows income regardless of whether your customers have paid your invoices and expenses regardless of whether you have paid all your bills.

Cash basis

  • A bookkeeping method in which you regard income or expenses as occurring at the time you actually receive a payment or pay a bill.
  • A cash basis report only shows income if you have received cash and expenses if you have paid cash.

Knowing this info, you can now select which accounting method works best with your business. You can edit this by clicking the Gear icon > Account and Settings > Advanced Accounting method to Cash Save).

 

Let me know if you have questions by leaving a comment below. I'll be on standby. 

chris107
Level 1

We purchased a truck through a loan, entered a journal entry debiting the vehicle acct & crediting loan acct - the GST paid for the truck isn’t showing on the GST report.

did not help

Rebecca R
QuickBooks Team

We purchased a truck through a loan, entered a journal entry debiting the vehicle acct & crediting loan acct - the GST paid for the truck isn’t showing on the GST report.

Hi there chris107 and thanks for joining in on this Community thread. From what I understand, the response that @JamesM provided above wasn't helpful for you. In order to determine how best I can support you, it'd be great if you could expand on what it is you're trying to do. I'll be on standby!

Abc123zyx
Level 1

We purchased a truck through a loan, entered a journal entry debiting the vehicle acct & crediting loan acct - the GST paid for the truck isn’t showing on the GST report.

same issue, please help

Nick K
QuickBooks Team

We purchased a truck through a loan, entered a journal entry debiting the vehicle acct & crediting loan acct - the GST paid for the truck isn’t showing on the GST report.

Hi Sentrexwind.

 

Making sure that your journal entries are showing properly is key to keeping accurate books. I'd be happy to point you in the right direction for getting your taxes to show in the right accounts.

 

When you are entering information into your QuickBooks account using a journal entry it's important that all items, including taxes, are entered properly. In order to make sure it's entered correctly I recommend reaching out to your accountant as they are trained in how to make journal entries. If you don't have an accountant no worries. You can find one in your area by going to My Accountant>Find a pro to help.

 

If you have any questions let us know and we'd be happy to help.

Need to get in touch?

Contact us