"non-income" items classified as "income" on GST Reports?
Hi there
A director borrowed an amount from the company.
DR: Receivable (Director to repay): $1400
CR: Cash at bank $1400
The money was repaid: using the "receive money" feature on MYOB.
DR: Cash at bank: $1400
CR: Receivable (Director has repaid): $1400
- However, on the GST reports, I still see an entry of the repayment of the director loan under "sales and income" under the N-T category.
- To me, this is not "income" but it is still reported as income under GST reports.
The question:
- Is this correct? i.e. should money repaid be classified as income on GST reports?
Any pointers would be much appreciated.
Hi,
The N-T code is for transactions entered but not reported on your BAS.
The GST report shows all transactions by all GST codes including N-T.
This allows you to check all transactions that are coded to the N-T tax code are correctly allocated that way prior to lodging your BAS with the tax office.
Hope this makes sense now.
You can re-run your GST reports after you check all transactions and exclude the N-T code from the report using customise report options if it does bother you.
