Question: Is there any way to populate these worksheets if we have already created Borrowing costs schedules under "Tools > Borrowing costs".
I am doing the journal in 'QuickBooks Online' which transfers the expense fig at Item 7 at Non-deductible expense in Reconciliation tab but not deducting as Borrowing Cost. For expense fig to appear at Borrowing cost field I have to create a Worksheet for each borrowing cost...there are 15 separate borrowing costs. Moreover I have to repeat the whole process again in next year's return.
Answer: Note that Tools>Borrowing cost is for record only, this does not populate to tax return that is why it is being advised to do a manual entry in 'QuickBooks Online'. So worksheet won't automatically be filled in from tools and will not be rolled over to next tax return.
You need to record a journal in 'QuickBooks Online' for borrowing cost, when import was done, it should show in the Profit & loss section of the tax return.
After the import, you should categorised it as - Amortisation Costs > Borrrowing Expenses Amortised
Since Borrowing costs should be included at W Non deductible expenses, according to ATO, it will be showing up in the Reconciliation section Item 7 as non deductible expense. https://www.ato.gov.au/Forms/Company-tax-return-instructions-2022/?anchor=worksheet2#worksheet2
Note: The "Borrowing Cost Schedule" that manually added to previous year, will rollover the details to the next form years (including the borrowing worksheets). If not shown, press this "Rollover" button
Other Related Guide: Access Borrowing Cost Calculator
Note: Currently there is no option in Borrowing costs worksheet to write-off the profit from selling the asset. User should manually include it in appropriate field, f. e. in 7B Other assessable income."
