inventory - gst calculations

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Experienced User Janine2456
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Australia
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inventory - gst calculations

I have stumbled upon an error within inventory and gst reports.  If you create an invoice and you sell and inventory item,  the base selling price is set at $528,  but we have given a discount to $480.00.  Our data file does not update the gst using the selling price it draws the figure from the base selling price ie the gst reads $52.80 even though the amount entered was $480.00 and should read $48.00  we have our invoices set to exclusive of gst so the calcs are plus gst.

 

My gst reports did not balance for oct -- december and the problem was with any sales that a discount was applied to as it did not calculate the gst correctly based on sale dollar value is calculated tax on the base selling price.

 

Wondering if anyone else is experiencing this issue.

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MYOB Moderator Steven_M
32,166 Posts
MYOB Moderator
New Zealand
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Re: inventory - gst calculations

Hi @Janine2456

 

Within the Selling Details tab of an item (Inventory>>Items Lists>>Select the Item>>Selling Details tab), there is the option for Calculate Sales Tax on. This can be configured to calculate on the Base Selling Price. What this will do is regardless of the actual selling price of the item (i.e. if a discount has been applied), the tax will be calculated on the Base Selling Price. Ideally, you should have this set to be Actual selling price, this way if a discount is applied you are calculating tax on the actual dollar value of the sale not the setup of the item.

 

In your case, it does sound like you have set up the item to be calculated Base Selling Price rather than Actual selling price. As such I would recommend reviewing your items and that option in the Selling Details tab.

Kind regards,
Steven

MYOB Community Support

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Experienced User Janine2456
13 Posts
Experienced User
Australia
Experienced User

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Re: inventory - gst calculations

thanks for that has solved the issue,  something so simple,  sometimes cant see the forrest through the trees.

 

Greatly appreciated,  I was not responsible for setting up items,

 

Perhaps it would be helpful if this was clearly stated in the help area.

 

Once again thankyou

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