GST is posting as expense/revenue

[enduser]

I'm relatively new to Quickbooks. I've recently taken on the accounts of an existing business in Quickbooks 2010/11 and am cleaning up the data.

My problem is that the GST, although calculating correctly on bills and invoices, is not being posted to the liability account. The gross amount of invoices and bills is recorded in the profit and loss accounts - overstating revenue and costs by the GST amount.

I've looked at the GST setup, even experimented with new GST codes, but can't find the problem.

I'd be really grateful for any help.

[tupham]

This is probably a setting under Preferences. You need to log in as administrator then click on Edit, Preferences. Select Reports & Graphs then click on the Company tab. Under Default Reporting you will see an option to report inc or ex tax.

[enduser]

Thanks Trish.

This has fixed the problem. I can't believe how simple the fix was. I'd never have found it without your help.

[tupham]

I don't log in very often but am happy to help when I can.

BTW - if you are using the payroll you need to upgrade to the latest version which is 2012/13. Each year Reckon upgrades QBs with the latest legislated requirements for pay slips, payment summaries and tax tables. If you run a payroll using 2010/11 your staff will be taxed more than is necessary.

Enjoy QuickBooks!

[eric9090]

This often happens and new users don't really recognize the use of admin account in QB, there are certain major functions that can only be controlled by admin account which normally don't even appear in the normal course of conduct.
This is the beauty of Reckon upgrade in QB that it prevents obsolesce and keep the latest legislative and IFA amendments incorporated in the software, therefore I also recommend that if you use QB than always take care of the updates to get full out of it.