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janealphonso
Level 1
posted
‎May 07, 2021 11:06 PM
last updated ‎May 07, 2021 11:06 PM

Quickbooks ledger for ineligible GST on purchases

 
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Best answer May 08, 2021
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DivinaMercy_N
Moderator
Moderator
‎May 08, 2021 02:41 AM

Quickbooks ledger for ineligible GST on purchases

Thanks for getting back here, @janealphonso.


You can use the 0% GST when creating purchases for ineligible ITC. Then, I also recommend consulting your accountant for the best advice on what action you need to take. This is to ensure you have accurate data as well as to avoid messing up with your books.

 

If you're not affiliated with one, you can use our Find an Accountant tool to look for a Pro-Advisor near your area. 

 

For your reference on how ITC works with QuickBooks, please visit this article: Input Tax Credit under GST.

 

Also, there are some instances that ITC availed needs to be reversed. This happens depending on the situation you're in, to find out about it, check out this link: What Is Reverse Charge Mechanism Under GST?

 

Post again here if you need further assistance in creating purchases for ineligible ITC in QBO. I'll be always around to help. Take care. 

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3 Comments 3
DivinaMercy_N
Moderator
Moderator
‎May 08, 2021 12:24 AM

Quickbooks ledger for ineligible GST on purchases

Hi there, @janealphonso.

 

To clarify, are you referring to access a ledger report for purchase bills with ineligible GST? If so, here are the steps you can perform:

 

  1. Go to the Reports menu.
  2. From the search field, type General Ledger.
  3. Click the report to open.
  4. Select the Customise button.
  5. From the Rows/Columns section, click Change Columns.
  6. Scroll down and check the boxes for Tax Name, Tax Amount and Taxable amount.
  7. Select Run report.

 

For more info about the process, please see this article: Customise reports in QuickBooks Online. 

 

For additional reference, you can open this link: GST reports in QuickBooks.

 

Also, to know more about GST in QuickBooks, visit this page: How GST impacts QuickBooks users. 

 

Feel free to post here again if you have any QuickBooks concerns. I'm always here to help. Keep safe. 

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janealphonso
Level 1
‎May 08, 2021 01:08 AM

Quickbooks ledger for ineligible GST on purchases

Hi DivinaMercy_N,

     Thank you for the revert . Right now I am looking for entering GST details on purchases for ineligible ITC ( ITC not claimable). I can see only a single Input GST, was wondering how to tackle it in quickbooks. 

 

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DivinaMercy_N
Moderator
Moderator
‎May 08, 2021 02:41 AM

Quickbooks ledger for ineligible GST on purchases

Thanks for getting back here, @janealphonso.


You can use the 0% GST when creating purchases for ineligible ITC. Then, I also recommend consulting your accountant for the best advice on what action you need to take. This is to ensure you have accurate data as well as to avoid messing up with your books.

 

If you're not affiliated with one, you can use our Find an Accountant tool to look for a Pro-Advisor near your area. 

 

For your reference on how ITC works with QuickBooks, please visit this article: Input Tax Credit under GST.

 

Also, there are some instances that ITC availed needs to be reversed. This happens depending on the situation you're in, to find out about it, check out this link: What Is Reverse Charge Mechanism Under GST?

 

Post again here if you need further assistance in creating purchases for ineligible ITC in QBO. I'll be always around to help. Take care. 

Reply