Incorrect GST
I have found a purchase invoice that was entered as GST inc incorrectly. (It was a charge from overseas and should have been exempt.)
This was in a previous period so it means that I will have overclaimed in my BAS for the GST amount.
How can I fix this please. THere are about 8 invoices I've noticed that have this error.
Can anyone else please?
Many thanks
M
Hi MelBee
2 ways of doing this - the easiest is alter the invoices from GST to EXP - easy - but if you treat each GST quarter or period as a sancrosanct closed off period and signed and sealed - that won't be possible - I don't as things change throughout the year.
I always calculate my BAS GST as a Net GST for the current quarter/period + or - any alterations on prior periods - so the net GST at the end of the latest period is netted to zero.
If you don't want to do that then you have to do a purchase for that supplier that credits back to GST on purchases the over claimed GST
Create a purchase - 2 lines for the company - let's say you overclaimed $100 GST on purchases
Make sure the tax incl box is ticked
Line 1
-1 itemx Price 1100 tax - GST (GST will show as -100)
Line 2
1 itemx Price 1100 tax - n-t (GST - 0)
The total for the invoice will be ZERO.
Goto Edit - Recap
I used Accounting fees s an item allocated to 6-1102
So recap will be debit 100 6-1102 credit 100 GST on purchases
Record the invoice as zero and all is fixed.
The Doc
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