General Journal entry for GST adjustment of Owner stock drawings

This thread is now closed to new comments.
Some of the links and information provided in this thread may no longer be available or relevant.
If you have a question please start a new post.
Highlighted
2 Posts
User

2Posts

1Kudos

1Solutions

Solved: Go to Solution

General Journal entry for GST adjustment of Owner stock drawings

Hi,

 

I am currently studying bookkeeping and accounting and a task in one of my practice for inventories is that an owner took 2 inventory items which I have recorded as a stock adjustment but we are told we also have to adjust the GST for this task by creating a General Journal entry Debiting Drawings for the full cost of the inventory items + GST e.g the inventory value for the 2 items is $20 to adjust the GST paid on these items when phurchased we are supposed to enter drawings of $22 (inventory cost +GST) and Credit drawings for the same amount but change the tax code for this entry to GST instead of N-T to account for the GST paid on these items. 

When I enter the General Journal entry MYOB is trying to credit GST collected instead of GST paid

3 REPLIES 3
Highlighted
2 Posts
User

2Posts

1Kudos

1Solutions

Accepted Solution Solved

Re: General Journal entry for GST adjustment of Owner stock drawings

I solved the problem I had forgotten to change the Entry from Sale (Supply) to Purchase (acquisition)

Highlighted
MYOB Moderator
2,818 Posts
MYOB Moderator
MYOB Moderator

2,818Posts

462Kudos

434Solutions

Re: General Journal entry for GST adjustment of Owner stock drawings

Hi @Bungie71 

 

As you're a student I can't give you the answer but I will give you a clue - changing one thing in the Record Journal Entry window will change the credit from GST Collected to GST Paid. Have a good look around that window.

 

Good luck with your studies.

Cheers,
Tracey
Previously @bungy15

MYOB Community Support

Online Help| Forum Search| my.MYOB| Download Page

Did my answer help?

Mark it as a SolutionHelpful? Leave a to tell others

Highlighted
MYOB Moderator
2,818 Posts
MYOB Moderator
MYOB Moderator

2,818Posts

462Kudos

434Solutions

Re: General Journal entry for GST adjustment of Owner stock drawings

Hi @Bungie71 

 

You solved it while I was replying....well done!!

Cheers,
Tracey
Previously @bungy15

MYOB Community Support

Online Help| Forum Search| my.MYOB| Download Page

Did my answer help?

Mark it as a SolutionHelpful? Leave a to tell others

Didn't find your answer here?

Try using advanced search to find a post more easily Advanced Search
or
Get the conversation started and make a new post Start a Post