Thank you for visiting our Partner Zone. This area is an exclusive space for MYOB Partners. Find out how to Partner with MYOB.
August
August
Hey,
I've just started using MYOB and I was importing invoices (create bill function under Purchases tab)
We are a restaurant business and so when I receive invoices from suppliers there are some items have GST, and others will be GST-Free such as Milk etc... however I'm not sure how I can easily set it up to report the correct GST amount.
For example this invoice I'm looking at now came out to $1.740.97 incl GST, but the GST amount is only $27.33 total, the software however thinks the GST amount is $158.27.
Is there any way to do this properly in a streamlined way?
Thanks!
Solved! Go to Solution.
September - last edited September
September - last edited September
Hi @RJ12,
Thank you so much for your post and welcome to the Community Forum! I'm sorry to hear that you are having issues with your invoices. I really appreciate your patience and understanding about this issue, and I do apologize for the delayed response. To accurately set up your AccountRight software to report the correct GST amount for invoices with a mix of GST and GST-free items, follow these steps:
Create GST-Free Items:
Assign Tax Codes:
Configure Tax Codes for Supplier Invoices:
Review Tax Calculation:
Check Invoice Total:
Generate Reports:
Note: that If you continue to experience discrepancies or have complex tax scenarios, consider consulting with an accountant who is familiar with MYOB AccountRight and can provide guidance on configuring your software correctly.
Regards,
Earl
Online Help| Forum Search| my.MYOB| Download Page
Did my answer help?
Accept it as a Solution
Leave a to tell others
September
September
Hi,
What you need to do is go into the bill.
Select whether the figures you are using are GST exclusive or inclusive. Sometimes you may need to select GST inclusive so the payment to supplier is correct. Final GST amount can sometimes be a few cents different to supplier invoice due to rounding. I don't worry about this because when reporting to ATO, they only look at round numbers.
There is a table below that where you can separate what is GST and what is GST free by selecting the Tax code. If there is freight, then I would separate that out as well.
Hope that helps!
September
September
Hi @RJ12,
Thanks for your posting,
I would suggest following @Earl_HD and @Richard1052's advice.
The GST values of an item could be edited by going to Inventory > Items > Name of item > Selling. This would set defaults for that certain item.
Also, when creating an invoice each item has an option to change the tax code.
Let us know if you require any further assistance with this. We're happy to help.
Cheers,
Genreve