Intuit QuickBooks Sales Invoice creation
There is a lot that goes into running a successful small business, and as any business owners would know, it all takes time, hard work and dedication to turn your concepts into reality. When it comes to your accounting, you can simplify your processes and decrease administration clutter with the right Cloud Accounting Software. Intuit QuickBooks – Accountants Mount Martha
These systems can also assist with how you invoice your customers, and at your Mount Martha Accountant (Us!!), we can help you to choose and set-up the accounting software that best suits you. We love helping local businesses on the Mornington Penninsula enjoy the efficiency of cloud accounting solutions. Our Manager Alan Maddick has been using cloud based accoutning systems since they started besing used in Australia – seeing the amazing benefit these systems have for small business owners.
At Mount Martha Accountants, we are experienced users of Intuit QuickBooks, and Small Business Owners can use it to easily issue customer invoices. For a GST registered business, the Intuit QuickBooks GST settings ensure that you can create an invoice for your customer that correctly charges GST when applicable.
For more information on Quickbook please click here https://www.intuit.com.au/invoicing/
GST exclusive vs GST inclusive
The information below depicts how the GST exclusive, Total Invoice & GST amounts are calculated depending on whether the ‘Amounts are’ setting is set to ‘Exclusive of Tax’ or ‘Inclusive of Tax’. By not being aware of this setting, you could easily cause a mistake with the invoice amount issued to the customer.
If ‘Amounts are’ = Exclusive of Tax then Invoice Line Item details are entered as per the table below to generate a total invoice total of $110 which includes GST of $10:
Qty |
Rate |
Amount |
GST |
|
1 |
100 |
100 |
GST |
If ‘Amounts are’ = Inclusive of Tax then Invoice Line Item details are entered as per the table below to generate a total invoice total of $110 which includes GST of $10:
Qty |
Rate |
Amount |
GST |
|
1 |
110 |
110 |
GST |
For more information or to receive help with choosing or setting up an appropriate cloud accounting solution for your small business, please contact us below
Sources:
MAS Tax Accountants Maribyrnong, and Warnock, D. (2016). Intuit QB Create Sales Invoice (video). MAS Tax Accountants Maribyrnong. https://youtu.be/Up6-fnCrggs
Warnock, D. (2016). Intuit QuickBooks Sales Invoice creation (GST Registered), MAS Tax Accountants Maribyrnong. http://www.mastaxmaribyrnong.com.au/quickbookssalesinvoice