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MelBee's avatar
MelBee
Experienced Cover User
2 years ago
Solved

Incorrect GST

I have found a purchase invoice that was entered as GST inc incorrectly.  (It was a charge from overseas and should have been exempt.) This was in a previous period so it means that I will have over...
  • The_Doc's avatar
    The_Doc
    2 years ago

    Hi MelBee 

     

    2 ways of doing this - the easiest is alter the invoices from GST to EXP - easy - but if you treat each GST quarter or period as a sancrosanct closed off period and signed and sealed - that won't be possible - I don't as things change throughout the year.

     

    I always calculate my BAS GST as a Net GST for the current quarter/period + or - any alterations on prior periods - so the net GST at the end of the latest period is netted to zero.

     

    If you  don't want to do that then you have to do a purchase for that supplier that credits back to GST on purchases the over claimed GST 

     

    Create a  purchase - 2 lines for the company - let's say you overclaimed $100 GST on purchases

     

    Make sure the tax incl box is ticked

     

    Line 1 

    -1    itemx                                         Price  1100                                               tax - GST         (GST will show as -100)

    Line 2

    1   itemx                                           Price 1100                                                 tax - n-t           (GST - 0)

    The total for the invoice will be ZERO.

     

    Goto Edit - Recap

     

    I used Accounting fees s an item allocated to 6-1102

     

    So recap will be debit 100 6-1102        credit 100 GST on purchases

     

    Record the invoice as zero and all is fixed.

     

    The Doc

     

     

     

     

    line 1 

The_Doc's avatar
The_Doc
Ultimate Partner
2 years ago

Hi MelBee 

 

2 ways of doing this - the easiest is alter the invoices from GST to EXP - easy - but if you treat each GST quarter or period as a sancrosanct closed off period and signed and sealed - that won't be possible - I don't as things change throughout the year.

 

I always calculate my BAS GST as a Net GST for the current quarter/period + or - any alterations on prior periods - so the net GST at the end of the latest period is netted to zero.

 

If you  don't want to do that then you have to do a purchase for that supplier that credits back to GST on purchases the over claimed GST 

 

Create a  purchase - 2 lines for the company - let's say you overclaimed $100 GST on purchases

 

Make sure the tax incl box is ticked

 

Line 1 

-1    itemx                                         Price  1100                                               tax - GST         (GST will show as -100)

Line 2

1   itemx                                           Price 1100                                                 tax - n-t           (GST - 0)

The total for the invoice will be ZERO.

 

Goto Edit - Recap

 

I used Accounting fees s an item allocated to 6-1102

 

So recap will be debit 100 6-1102        credit 100 GST on purchases

 

Record the invoice as zero and all is fixed.

 

The Doc

 

 

 

 

line 1