Gst Report not reconcilling with prepare return

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Contributing User Getz2
6 Posts
Contributing User
New Zealand

Gst Report not reconcilling with prepare return

Hi

 

I have prepared my GST return and run a GST detail payments report and while the GST paid/collected are the same on both forms the Input value does not match total purchases(box11) on my preparted return-It is out by $188.

What should I be looking for to explain this?

 

regards

Sue

3 REPLIES
Ultimate Partner jenniek
2,072 Posts
Ultimate Partner
New Zealand

Re: Gst Report not reconcilling with prepare return

hi there @Getz2

It's the GST collected and GST paid which are the crucial amounts. The GST detail payments report works on the figures entered in and will have some rounding issues. If the amount is more than acceptable, then it normally means that the purchase or spend money transaction has had the GST entered at not quite the correct 15% amount. The Prepare GST return works backwards from the actual GST amounts and works out the correct grossed up figure for the return. This is why it is different. The only way to check it is to send the report to Excel - and do a calculation that  you can check that GST collecged and paid is actually 15% of the Input and Output values.

Regards,
Jennie Kingma
JK Business Systems Ltd, Hamilton, NZ
Email: jennie@jkbusiness.co.nz
Contributing User Getz2
6 Posts
Contributing User
New Zealand

Re: Gst Report not reconcilling with prepare return

Thanks for your reply,

I realise there would be rounding issues but I thought $188 difference was unacceptable, hence the inquiry. 

I also did a excel download to check the % and the only one out was for Telecom (to be expected) for about $24 so I'm still left wondering why the BIG difference and where else to look.

Ultimate Partner jenniek
2,072 Posts
Ultimate Partner
New Zealand

Re: Gst Report not reconcilling with prepare return

HI there @Getz2

A $24.00 difference in GST results in a $184.00 difference in the Total Purchases amount. Is this the problem?

 

Regards,
Jennie Kingma
JK Business Systems Ltd, Hamilton, NZ
Email: jennie@jkbusiness.co.nz
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