Accounting for GST on brokerage?

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tentimestwenty
Posts: 100
Joined: 21 Feb 2008 05:31

Accounting for GST on brokerage?

Post by tentimestwenty » 23 Feb 2008 05:59

How do I enter an invoice for brokerage that contains GST as a line item? What account should this go into? Basically I have an invoice from UPS which has:

Duty Amount
Customs GST
Brokerage GST
Disbursement Fee

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mikeguil
Posts: 192
Joined: 29 Nov 2006 09:49
Location: Elmvale, Ontario
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Post by mikeguil » 25 Feb 2008 02:55

You need to set up a Tax Code that is All GST.

In your Tax Rates window, create a new code for this rate. I called it "I" for Import GST, for example. Do not set a percentage rate ('cause it's not a percentage of the amount), but below the percentage set sup is a button labeled "ALL GST". Click on that.

Then when you enter that line item, use the "I" tax code and it will allocate the amount to GST only.

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