Claiming GST on purchases

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  • Updated 5 years ago
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I pay GST on purchases.  I need to claim that GST back. I use a TAX tax code to record those amounts.  But in reports it is placing those against a GST Payable tax line.  
How can I set up the TAX tax code so that the GST paid on purchases is recorded correctly/differently?  Or all "tax items" things that are payable?
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Roger Barson

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Posted 5 years ago

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Roger Barson

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Looking at a previous answer - "In regards to recording a tax code on a split transaction, you cannot, you must create a second line on the transaction, pointing to the Tax Payable account, and manually work out the tax portion".  That explains it - it seems I can't use a tax code to record the GST component on a purchase that I intend to claim back, but must use a second account line pointing to "GST claimable" or similar.  What a....pain.

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Michael, Alum

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Hi Roger,

Thank you for your question.

The product you are using, is it Reckon Accounts Business (QuickBooks) or Reckon Accounts Personal (Quicken)?

Regards,

Michael