QuickBooks Asia

Setting up selling price for items to be inclusive of GST

Software: QuickBooks Canadian version

QuickBooks does allow user to set their selling price to be inclusive of the GST. If occasionally you need to include your selling price with GST, during the preparation of Invoice, you can simply select the checkbox “Amounts include tax” in your Invoice window.

However, if permanently you need your selling price to include GST, then, you have to set it up in both your preferences and item profile.

In your Sales Tax preferences window, under Company Preferences, you can set “Allow tax inclusive (gross) prices and costs to be entered”. Next at the item profile, you can set your prices to include Taxes by selecting the checkbox for “Amts Inc Tax”.

Now, whenever you sell this item, the price shown in the invoice window will be inclusive of GST.

Editing GST amount in QuickBooks 2011/12

Software: QuickBooks 2011/12 (Australian version)

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Blank, Asterisk and a tick

Software: QuickBooks accounting software

In the Bank register, user often see blank, asterisk or sometime a tick in the column between the Payment and Deposit column. What are those asterisk and tick mean?

When transactions were being entered via Deposit, Received Payment, Pay Bill, Write Cheque or Journals that involved Bank account will be consolidated in the Bank register.

An asterisk means you had highlighted this transaction in the Bank Reconciliation, you can consider that as a Pending item to reconcile.

A tick means this transaction had already been reconciled.

A blank means nothing had been done to this transaction. It neither marked as pending item in reconciliation nor reconciled.

 

Capturing Surcharge from Credit Card

Software: QuickBooks

Some users who use QuickBooks in retail business, having difficulty in capturing the surcharge from the credit card company when customer made payment to you via credit card. To simplify the process, I use undeposited fund account in QuickBooks to resolve the surcharge issue.

I use the Sales Receipt to capture the sales and set the “deposited to” account to “Undeposited Funds” account. The double entry for this transaction will be debiting Undeposited Funds account and crediting Sales account. Undeposited Funds account is a system account, when you create a new company file, this account will be automatically created in your chart of account list.

Next, from the Banking menu, select Make Deposit. You will see the amount received from Sales Receipt shown in the Payments to Deposit window. Highlight the deposit and click the OK button to move your deposit into the Make Deposit window.

Ensure the Date and the Bank account in the Deposit To field is correct. Add the surcharge expenses account into the From Account field; and enter the surcharge amount (negative value). 

In my case, the original sales amount is $2,750.00, less out the surcharge of $55.00 and the actual deposited amount into the Bank is $2,695.00. The double entry for this transaction will be debiting Bank account $2,695.00, debiting Surcharge expense account $55.00 and crediting Undeposited Funds account $2,750.00. 

From the Profit & Loss report, you can see the Surcharge amount, $55.00, showed in the Expenses section and bank account will show just $2,695.00 instead of the original deposited amount of $2,750.00 collected in the Sales Receipt. So, it will be easier when doing Bank Reconciliation.