GST Summary Cash Report - Incorrect

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Contributing Cover User sandedede
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GST Summary Cash Report - Incorrect

Hi

 

I am learning accountright.  But I have come across an error on my GST report.  I made two part payments for an invoice in the same month.  Eg.  Paid $25,000 on 2/8/17 and paid $25,000 on 17/8/17.  The full purchase price was $50,000.00 including GST.  The issue I have is that on the GST cash detailed report it is showing $50,000 and GST portion of $6,521.74 on the 2/8/17 and the 17/8/17.  So I am claiming the full GST portion twice.

 

I was expecting the GST cash detailed report to show $25,000 and GST of $3,260.87 on 2/8 and 17/8. So I would be only claiming what I have paid for.

 

What have I done wrong?  I have checked that the purchase I entered is for $50,000.00.

 

Appreciate some help.  Thanks

 

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Partner AlanT
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Re: GST Summary Cash Report - Incorrect

@sandedede

 

Hi Sandra,

 

Could you go to the original purchase and check what the GST amount is shown on the bill.

 

If your purchase is $50,000 (Inc GST) and GST is charged on the full amount, I would expect the total GST amount to be $4545.45.

 

Working through your example using ClearWater, the report gave me the figures I expected, that is the GAT amount was $4545.45

 

Hope this helps you find the error.  Let us know if you're still stuck.

 

Regards,

 

Alan

Contributing Cover User sandedede
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Re: GST Summary Cash Report - Incorrect

Hi Alan

 

My company is in NZ so GST is 15% here.  The issue I have that if I make a part payment for a purchase, on the GST detailed cash report, It is showing as if I paid the full amount and so I am claim the full gst amount, not a portion of it.

 

Sorry, still stuck.  

 

Sandra

Ultimate Partner ronatbas
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Re: GST Summary Cash Report - Incorrect

@AlanT

 

I think that you will find that @sandedede is in NZ and has a 15% GST. Your method is something that @sandedede should follow, as the NZ Clearwater will be setup with 15%.

Ron B
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info@basgroup.com.au
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Re: GST Summary Cash Report - Incorrect

@sandedede

 

Hi Sandra,

 

I just re-tested using the NZ copy of Clearwater and still got the answer I expected.  Is this the same report you are looking at?

 

Report1.jpg

 

If so, then as I said above, have you checked that the GST that was calculated on the invoice is correct?  Here is the invoice I generated:

 

Screen1.jpg

 

Does this help?

 

Alan

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Re: GST Summary Cash Report - Incorrect

Thanks Ron.

 

:-)

 

Alan

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Re: GST Summary Cash Report - Incorrect

Thank you for your help.  

 

I deleted the transactions involved and then reentered them and it is now correct.

 

Not quite sure what I did wrong.  But all sorted now.

 

Thank you

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