10 new features and changes in QuickBooks for GST (1) - PowerPoint PPT Presentation

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10 new features and changes in QuickBooks for GST (1)

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The Government of India is rolling out new indirect tax law – Goods and Services Tax (GST) on July 1, 2017, which in turn impacts how businesses manage their transactions, do their accounting and file their tax returns. QuickBooks has added new capabilities and modified its existing capabilities to ensure that its users are GST compliant and can continue to use QuickBooks without any disruption. – PowerPoint PPT presentation

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Title: 10 new features and changes in QuickBooks for GST (1)


1
10 new features and changes in QuickBooks
for GST
2
Article Source http//scoophot.com/conversation/1
112331
3
10 new features and changes in QuickBooks for GST
  • The Government of India is rolling out new
    indirect tax law Goods and Services Tax (GST)
    on July 1, 2017, which in turn impacts how
    businesses manage their transactions, do their
    accounting and file their tax returns. QuickBooks
    has added new capabilities and modified its
    existing capabilities to ensure that its users
    are GST compliant and can continue to use
    QuickBooks without any disruption.

4
What system did under the hood
  • Automatic creation of GST tax agency and all the
    GST tax rates For users who have already set up
    taxes in the past, QuickBooks will automatically
    create a new GST tax agency and the GST tax
    rates. For users who havent set up taxes in the
    past, they need to manually set up GST tax
    agency. Once done, the GST tax rates will
    automatically show up in their transactions.
  • New GST tax center to tell the user how much tax
    it owes GST tax center displays the balance due
    per filing period classified by different tax
    types and allows the user to complete important
    functions like adjusting tax and recording tax
    payment.
  • Read also QuickBooks Payroll setup checklist
    Desktop/Online/Intuit Payroll

5
What user needs to do to complete GST setup in
order to generate compliant invoices and returns
  • Add company GSTIN Users can now add their
    company GSTIN to their company set up for
    creating GST-compliant invoices.Add a new item
    code (HSN/SAC) for products and services Users
    can now add a unique HSN code to their products
    (inventory and non-inventory items) and select
    SAC code for their services. Once added, the
    codes get displayed in the invoice which gets
    printed and also gets displayed in the return
    reports.

6
Manage GSTIN for applicable customers and
suppliers
  • Users can now add GSTIN of their registered
    customers to display them on GST compliant
    invoices and GST return of sales/outward supplies
    GSTR1. Also, GSTIN of registered suppliers can
    be added to display them on GST return GSTR2.
  • Custom sales form gets new fields for Item Code
    (HSN/SAC) and Customer GSTIN Once selected by
    the user, these fields appear on the invoices to
    make them GST compliant.
  • See also How to enter Employees Prior Payroll
    in QuickBooks Online?

7
Invoicing
  • Indicate Place of Supply (POS) in sales
    transactions (i.e. invoices, estimates and sales
    receipts) The screen of invoice creation now
    includes a new field called as Place of Supply.
    By default, this field displays the State of
    Shipping Address of the selected customer. POS
    will help the user determine the right tax type,
    i.e. GST if the transaction is within the state
    and IGST if the transaction is outside the state.
    For transactions outside India (export), the user
    needs to select Outside India option within the
    POS. Accurate POS selection is important as it
    gets reflected in the return reports.

8
  • Users are recommended to go through the help
    article Setting up QuickBooks for GST to
    understand how they can use the above
    capabilities to set up for generating GST
    compliant transactions (i.e. invoices) and ensure
    reports for GST returns are complete and
    accurate.
  • You can also view the short video which explains
    how users can set themselves up and generate GST
    compliant invoices.

9
Reports
  • GST return ready reports With this release,
    QuickBooks includes built-in reports for GSTR1
    (for outward supplies/sales) and GSTR2 (for
    inward supplies). Users can review these reports
    and export them to initiate their return process.
    NOTE The Government of India has indicated that
    detailed return filing may not be applicable for
    the first two months and businesses will be
    required to file summary returns. The current
    reports in QuickBooks shall be relevant only when
    detailed filing is initiated. Support for filing
    in the interim shall be communicated once such
    format is made available by the Government.

10
THANK YOU
  • Hope this article will be beneficial for you. To
    get more information and best support, dial
    QuickBooks Payroll Support Phone number
    1-855-441-4417.
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