Incorrect GST

MelBee

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

The_Doc

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

 

 

 

 

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