Forum Discussion

sanjeev1234's avatar
sanjeev1234
8 months ago

GST Adjustment

Dear Customer Care,

After filing the GST for February 2024 with the IRD, we discovered an error in one of our invoices. This particular invoice, related to an asset, should have been without GST, but we mistakenly claimed GST for it. In March 2024, we attempted to rectify this by passing a journal entry (crediting the GST account and debiting the assets account). However, this transaction canceled out in our GST report, preventing us from refunding the incorrectly claimed GST amount to the IRD. Can you please advise on how to resolve this issue in March 2024?

  • Doreen_P's avatar
    Doreen_P
    MYOB Moderator
    8 months ago

    Hi sanjeev1234,

     

    Thanks for your post, and welcome to the MYOB Community Forum.

     

    Looks like you've been on the ball with this GST hiccup. You've already made a move to fix it with a journal entry, but it seems like it didn't quite do the trick in your GST report. No worries, though!

     

    The next step might be to tweak your February 2024 GST return to iron out the error. This usually means having a chat with the IRD to adjust your GST return. But remember, the exact steps can be a bit different depending on the IRD's rules.

     

    So, it might be a good idea to touch base with your accountant. They can give you the lowdown on how to go about this and fill you in with more details. Keep in mind, while MYOB has your back with tracking and managing your GST, it's always a good call to check in with a tax pro to make sure everything's above board.

     

    Feel free to post again anytime if you require further assistance. 
     
    If my response has answered your inquiry, please click "Accept as Solution" to assist other users in finding this information.

     

    Best regards,

    Doreen

    • sanjeev1234's avatar
      sanjeev1234
      8 months ago

      Dear Doreen_P 

       

      I haven't reached out to the IRD yet because we discovered the error after filing the February 2024 GST. The mistake originated from the supplier, and we only became aware of it afterward. Therefore, I plan to make adjustments in the March 2024 GST report, particularly in section 9. Since I can't amend the previous month's report, adjusting this month's report is the only option. Could you please advise on how to adjust section 9 of the GST report?

      • Isaiah_C's avatar
        Isaiah_C
        MYOB Moderator
        8 months ago

        Hi sanjeev1234,

         

        Thank you for your patience. We suggest you check all the transactions that are affecting section 9 and delete these transactions, and you need to recreate them since GST will not be fixed manually. And in regard to the adjustments, you need to get in touch with your bookkeeper or accountant.

         

        Also check this article for additional information: Completing your GST return (myob.com) and Lodge your GST return (myob.com).

         

        If my response has answered your enquiry, please click "Accept as Solution" to assist other users in finding this information.

         

         

        Kind regards,

        Sai

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