"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...
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.
