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! Go to Solution.
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
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
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