manually Adjust gst for asset purchas
Hello, I had a question regarding GST adjustment, because after the upgrade, we are not able to change the gst amounts in cases where GST is not 10%. I did see a few replies on splitting the expe...
Forum Discussion
Hi ann75
Changing the GST amount manually is not advisable, this will cause the expected tax total based on the tax code does not reconcile with the actual tax total.
From the software point of view, you can certainly split the purchase amount into the taxable portion and tax-free portion, then record them in separate lines with different tax codes. If you need to record GST adjustments, this Help article will guide you through the process of recording a GST only transaction.
We do recommend confirming with your accountant for the best way to record/account for this purchase based on your business set up and reporting needs.
Thank you Clover for your reply. For a regular business expense or purchase, its easy to split between the gst and gst free. But in the case where I mentioned, it is a car. So I have split the amount in to 2, one part to match the maximum gst I can claim. Howver for the remaning part of the car purchase amount for which I cant record GST, can i assign a gst free code to an asset. Is it a mistake to do this? or will be NTR?
