Forum Discussion

Valeria's avatar
Valeria
Cover User
6 years ago

GST on EFT payment that should not show into GST report

I'm running the GST (Cash - details) report and in the Capital acquisition it shows an entry that is a EFT payment recorded from Pay bills, which should not have any GST involved as the GST was recor...
  • IanChait's avatar
    IanChait
    6 years ago

    HI Valeria

     

    The GST is recorded in the GST account on the accruals basis, which means the date of the invoice in 2015. 

     

    On the Cash basis for GST, GST is only paid when the invoice is paid. So this would be correct.

     

    The balance of the GST accounts at any point in time would be the total GST per the Cash Report plus GST included in Debtors and Creditors.

     

IanChait's avatar
IanChait
Ultimate Cover User
6 years ago

HI Valeria

 

The GST is recorded in the GST account on the accruals basis, which means the date of the invoice in 2015. 

 

On the Cash basis for GST, GST is only paid when the invoice is paid. So this would be correct.

 

The balance of the GST accounts at any point in time would be the total GST per the Cash Report plus GST included in Debtors and Creditors.

 

  • Valeria's avatar
    Valeria
    Cover User
    6 years ago

    Thank you Ian.

     

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