cancel
Showing results for 
Search instead for 
Did you mean: 
Highlighted
Not applicable

Get payable & input tax credits **please be patient I'm new at this

I'm new to quick books but I have a solid accounting background 

I'm interested to know ?

does the system automatically calculate both the Gst payable account as a net from sales/purchases already entered in system

and does th Input tax credit get generated the same way from the information that has been previously entered into the system

 

just a quick ask from the community

thx

have a great day

Solved
Best answer 10-11-2019

Accepted Solutions
Not applicable

Re: Get payable & input tax credits **please be patient I'm new at this

Its okay i have the answer

GST Payable is a internal amount calculated by the system based on info we have input

such as Sales and tax collected therin 

It also internally calculates from the amounts we paid from our bills for purchases we paid for...etc

it is a net amount of GST PAYABLE is based on the difference of the two of them

To get a better perspective separate  them download the GST Payable to EXcel Spreadsheet and separate the pluses and minuses to see the real effect  on this G/L

 

Try it it really works well for those who have questions on this very important tax tool

 

Thx,

Happy Hunting

View solution in original post

1 Comment
Not applicable

Re: Get payable & input tax credits **please be patient I'm new at this

Its okay i have the answer

GST Payable is a internal amount calculated by the system based on info we have input

such as Sales and tax collected therin 

It also internally calculates from the amounts we paid from our bills for purchases we paid for...etc

it is a net amount of GST PAYABLE is based on the difference of the two of them

To get a better perspective separate  them download the GST Payable to EXcel Spreadsheet and separate the pluses and minuses to see the real effect  on this G/L

 

Try it it really works well for those who have questions on this very important tax tool

 

Thx,

Happy Hunting

View solution in original post

Need to get in touch?

Contact us