GST

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Eldridge
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Eldridge

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GST

In October 2018, I entered a sales invoice with no GST (N-T). When I lodged the BAS for the quarter ended 31 Dec 2018, this sale was reported as not taxable. However, I later found out that this sale should have included GST. As this sale was a four-part recurring transation, the customer paid us the total amount inclusive of GST in February 2019. How can I rectify this issue? Can I reverse the original invoice posted in October by a credit note and raise a fresh invoice dated 1 Feb 2019? Will this impact my BAS for the quarter ended 31 March 2019? Or should I show this as an "Increasing Adjustment " that needs to be showed seperateley in the BAS lodgement? We lodge BAS on the Accounts Basis. Any suggestions would be very welcome.

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MYOB Moderator Neil_M
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Neil_M
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Re: GST

Hi @Eldridge 

 

This is something that I would be inclined to discuss with your accountant as this does impact on your BAS figures. They should be able to advise you on any potential implications of reversing or adjusting the invoice for the tax on that invoice

Regards,
Neil

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