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May 2022
May 2022
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 overclaimed in my BAS for the GST amount.
How can I fix this please. THere are about 8 invoices I've noticed that have this error.
Can anyone else please?
Many thanks
M
Solved! Go to Solution.
May 2022
May 2022
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
May 2022
May 2022
hi
THe easiest way is to do a journal to reverse the purchase amount and reenter correctly
You can do this in one journal by noting the invoices individually or combined in the one journal entry
The thing to remeber is that you need to do the journal including the tax amount
So for instance you have purchased goods from overseas for $350 $770 $425 (total $1545)
so first reverse the expense that contains GST
CR 6-XXXX 350 GST
DR 6- XXXX 350 FRE
CR 6-XXXXX 770 GST
DR 6-XXXX 770 FRE
CR 6-XXXX 425 GST
DR 6 -XXXX 425 FRE
if you combine
CR 6-XXXXX 1545 GST
DR 6-XXXX 1545 FRE
Doing this will amend the next BAS report to reflect the change required
Hope this helps
Lisa
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Margriet
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