To use the Purchase Tax option in BillQuick:
1. Open the Expense Codes screen from the View menu.
2. Set up an expense item called ‘Airfare’ with a Purchase Tax of 10%.
3. Before you enter any expenses, make sure to check the ‘Cost Includes Purchase Tax’ box first. This will ensure that the purchase tax is calculated correctly.
4. Now enter expenses. Here we have added Airfare at a cost of $1100 (with GST). BillQuick recalculates the amount at $1000, i.e., without GST.
Note: This checkbox can be turned on or off for each line item and will affect it accordingly. However, it must be applied BEFORE the expense entry is entered.
