Forum Discussion

saquilliam's avatar
saquilliam
Cover User
7 years ago

Assigning Bank Feed Spending for GST of 100% (ie ONLY GST) in AccountRight

Paypal are now charging GST as a seperate line item. My bank feeds now have a transaction for the purchase and a seperate transaction for the GST at 100%. Does anyone know how I can code this to appe...
  • IanChait's avatar
    IanChait
    7 years ago

    Hi saquilliam

     

    Enter a Spend Money for the amount of the fee. Make it GST inclusive, and record the first line to your expense account for 11 times the fee and Tax Code GST.

     

    Enter a second line also to the expense account for negative 10 times the fee with N-T code. 

     

    EG for a $10 Fee

     

    6-xxxx Pay Pal Fees        110.00   GST

    6-xxxx Pay Pal Fees       -100.00  N-T

     

    Alternatively make it GST Exclusive, and enter the first line as positive 10 times the fee, GST as the code, and the second line as above.

     

IanChait's avatar
IanChait
Ultimate Cover User

Hi saquilliam

 

Enter a Spend Money for the amount of the fee. Make it GST inclusive, and record the first line to your expense account for 11 times the fee and Tax Code GST.

 

Enter a second line also to the expense account for negative 10 times the fee with N-T code. 

 

EG for a $10 Fee

 

6-xxxx Pay Pal Fees        110.00   GST

6-xxxx Pay Pal Fees       -100.00  N-T

 

Alternatively make it GST Exclusive, and enter the first line as positive 10 times the fee, GST as the code, and the second line as above.

 

DuncanS's avatar
DuncanS
Ultimate Partner
7 years ago

saquilliam IanChait

 

Saquilliam,

 

Is your question relating to a purchase or a PayPal merchant fee?

 

One of the difficulties with PayPal was determining whether the supplier was registered for GST or not.

It appears that PayPal is making life easier by showing the GST.

 

Ian has given the technical and correct answer.

This method may be difficult to train a business owner.

It may be that both Transactions are coded GST Inclusive.

 

Duncan

Looking for something else?

Search the Community Forum for answers or find your topic and get the conversation started!

Community home

Dig into MYOB Academy for free courses, learning paths and live events to help build your business with MYOB.