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Valeria's avatar
Valeria
Cover User
6 years ago
Solved

GST on EFT payment that should not show into GST report

I'm running the GST (Cash - details) report and in the Capital acquisition it shows an entry that is a EFT payment recorded from Pay bills, which should not have any GST involved as the GST was recorded in 2015 at the time of the invoice. 

How is this possible?

Further more the amount is different from the Total amount paid, the GST is not shown in the GST paid account and and in the journal entry.

Anyone can help?

Thank you.

 

  • HI Valeria

     

    The GST is recorded in the GST account on the accruals basis, which means the date of the invoice in 2015. 

     

    On the Cash basis for GST, GST is only paid when the invoice is paid. So this would be correct.

     

    The balance of the GST accounts at any point in time would be the total GST per the Cash Report plus GST included in Debtors and Creditors.

     

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  • IanChait's avatar
    IanChait
    Ultimate Partner

    HI Valeria

     

    The GST is recorded in the GST account on the accruals basis, which means the date of the invoice in 2015. 

     

    On the Cash basis for GST, GST is only paid when the invoice is paid. So this would be correct.

     

    The balance of the GST accounts at any point in time would be the total GST per the Cash Report plus GST included in Debtors and Creditors.