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We import item sales invoices from a tab-delimited file format into MYOB and our GST is always incorrect on the sales invoice. One of our large clients has contacted us and are stating that they cannot accept or pay the invoice as the GST calculation is incorrect.
Our import file is only 2 decimal places but I assume this is an importing rounding issue and I don't know how to fix. I have attached the last page of one of our invoices. The items for sale are $137.00 gst inclusive each. When we export this data from our booking system, it lists the exclusive price as $124.55 each and the GST as $12.45 each.
Our invoice is selling 38 items at $124.55 each which totals $4732.90 as shown on the invoice so the GST should be $473.29 (38 x $12.455) however due to the error the GST is showing only as $473.10 (38 x $12.45). I assume this is rounding each individual sales item down by .005. Is there any way to fix this?
Thanks in advance for any insight you can provide.
Solved! Go to Solution.
I agree this problem is caused by incorrect rounding.
I don't agree with splitting $137.00 into $124.55 exclusive price, and $12.45 as the GST, as $12.45 is not 10% of $124.55. Rounding occurred when converting GST inclusive price to exclusive, when you use the rounded amounts for calculation again, the ending figure will be off. Even if the total GST comes to $473.29, $473.29 + $4732.90 does not equal to $137.00 x 38.
Since the item price is $137.00 GST inclusive, it's best to generate the import file using this prices instead, and specify that this sales transaction is tax inclusive. This way the total GST should be calculated on the total sales figure, and rounding occurs only once in the end.
Hope this helps.
Thanks for your reply. I agree, I'd like to import using the GST inclusive price, however I am not quite sure how to go about this. Yesterday, I tried removing the gst exclusive price from the export excel file before I saved it as tab delimited however when I tried to import into MYOB it came up with an error.
Do you think I would need to go back to the booking system that we export from and see if I am able to set the parameters so we only export the gst inclusive price? When importing into MYOB, I thought we had to have the GST amount in the import file?
Would love further instruction if you wouldn't mind.
Just had another thought which would be much easier. When the invoice is imported, I can click on the arrow next to the Tax field and then click recalculate. This actually fixes the GST amount. My question is, does recalculating the tax affect anything else? I assume it wouldn't, if anything it would make the gst correct. Your thoughts?
The reason I didn't suggest recalculating tax is because:
1) You'll need to click into individual invoices to do so.
2) After the recalculate, yes the GST will be $473.29, but $473.29 + $4732.9 = $5206.19, while $137 x 38 = $5206.
During the import there will be one import field which determines whether this transaction is tax inclusive or exclusive, it's important to set it as tax inclusive, so the tax inclusive figures will be used. I'm not sure what information/format can be exported from the booking system, you can manually enter one test transaction in AccountRight, then export this transaction with all the fields that can be exported from the booking system, and use it as a template.
You can make a copy of the company file as a test file for import tests. At the end of the import, check the import log for more information if there was any errors or warnings. It'll take a bit of trial and error to work out the new format.
Feel free to let us know how you go.
Thank you for your help. I've had a bit of a play around with it over the weekend and have worked our import template to suit.