Prepaid insurance

raj5
2 Posts
User
Australia

Prepaid insurance

Prepaid insurance paid 2640 via cheq.but insurance company give invoice with stamp duty 5 in this case how i enter the transaction

2 REPLIES
Ultimate Partner Seattle
1,337 Posts
Ultimate Partner
Australia

Re: Prepaid insurance

@raj5

 

Many insurance premiums have Stamp Duty that does not have GST.

 

It is necessary to have two lines in the transaction.

 

Make sure the GST in MYOB equals the GST on the Tax Invoice from the Insurance Company.

 

Duncan

Duncan Smith
Business Advice + Tax
www.businessadviceplustax.com.au
Helping business owners build a better business since 1998
E expressgst@optusnet.com.au T 02 9904 3672 7 days
raj5
2 Posts
User
Australia

Re: Prepaid insurance

now my doubt is i include the amount 5 in prepaid insurance in transaction journal they there is no GST Included in this sum.

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