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I am new to Quickbooks, but i have good amount of experience accounting in Zoho/Tally/SAP
We are in the process of setting up of books of our clients of Quickbooks.
As part of opening balances, we have Input Tax Credits as on 1st Apr 2019.
Normally ITC Credit balances are classified as "Current Assets", but here in Quickbooks they are classified under "Current Liabilities" !
I have few questions:
1. Why it has been classified as Current Liabilities?
2. How does Quickbooks record purchases where there is Input GST paid amount?
3. How do we record the opening balances of ITC credits in CGST/SGST/IGST?
Hello,
Welcome to QuickBooks Community!
Here are a few articles to help you with your questions.
I hope these articles help!
Hi,
Thank you for sharing the link.
I have gone through them already.
None of these videos answer my question. Why ITC is set as "Current Liabilities" this is totally incorrect way of classifying the account.
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