GST Calculations in Journal Entries

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Experienced Cover User ScottBrooks
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GST Calculations in Journal Entries

Hello,

 

I am trying to enter a journal entry for our insurance funding. The amount is $2,499.64 inc GST ($227.24)

 

When I enter it as a journal entry the GST amount is incorrect $249.96.

 

Please see the attached screenshot.

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MYOB Moderator Steven_M
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Re: GST Calculations in Journal Entries

Hi @ScottBrooks

 

The Spend Money transaction is Tax Inclusive and the Journal Entry is Tax Exclusive. This means that the Spend Money transaction is actually using $2272.40 for the Tax Basis. I would recommend ticking (or unticking) Tax Inclusive in the top right of the relevant transaction to record it the same - this may mean changing the changed after changing that box.

Kind regards,
Steven

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Ultimate Partner Kym__Yeoward
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Re: GST Calculations in Journal Entries

Hi @ScottBrooks - you need to tick your General Journal entry as Tax Inclusive, then re-enter your amount. The calculated GST should then show as $227,24 (based on a net of $2,272.40 plus GST $227.24 = Gross $2,499.64).

 

Most AccountRight general journal entries are tax-exclusive - but you have the choice.

In other accounting applications, there's usually no choice - just tax-exclusive.

Another example of AccountRight's flexibility.

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