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LearnerJan's avatar
LearnerJan
Cover User
5 years ago

Deductions from Settlement Payment

At the settlement of sale of a block of land, the amount deposited by the Settlement Agent included several deductions for Real Estate agent commission, land tax, Settlement agent fees, GST Withholdi...
  • Steven_M's avatar
    Steven_M
    5 years ago

    Hi LearnerJan 

     

    When reporting a transaction in AccountRight for GST purposes the type of transaction plays a part on what side of the reporting it will be listed under. For example, if you record a Receive Money Transaction, with an expense account as a negative this will be reflective as a negative sales value on the GST reports as tax collected.

     

    If that value is intended to be included as Tax paid it would need to be recorded on a payment style transaction i.e. as a Spend Money or Purchase transaction.

Steven_M's avatar
Steven_M
Former Staff
5 years ago

Hi LearnerJan 

 

When reporting a transaction in AccountRight for GST purposes the type of transaction plays a part on what side of the reporting it will be listed under. For example, if you record a Receive Money Transaction, with an expense account as a negative this will be reflective as a negative sales value on the GST reports as tax collected.

 

If that value is intended to be included as Tax paid it would need to be recorded on a payment style transaction i.e. as a Spend Money or Purchase transaction.

  • LearnerJan's avatar
    LearnerJan
    Cover User
    5 years ago

    Great, thanks Steven

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