Thank you for visiting our Partner Zone. This area is an exclusive space for MYOB Partners. Find out how to Partner with MYOB.
I'm sorry if this has been covered before but I can't find it.
We have recently bought some equipment from China for which a payment of $1,355 NZD was wire transferred. The supplier's invoice showed no tax amount. The carrier (FEDEX) sent us an invoice when the goods arrived in NZ which contains the GST to be paid on the imported goods ($ 203.55) along with a Customs ITF Fee ($ 45.80) and the GST on that ($ 6.87) - Total ($ 256.22).
How on earth do I code these two seperate invoices so that the GST report works correctly please?
The equipment will become a fixed asset (1-2100 - Lab Equipment) normal tax code S15.
Solved! Go to Solution.
I would recommend speaking to an accountant in regards to the best way to record those transactions including the amounts, accounts and tax codes involved in that transaction.
However, if your transaction line is solely tax i.e 100% of it is tax you would be looking at having a grossed by GST value line to give you the required GST amount. You then have a second line on the transaction affecting the same account to reduce the amount but have a 0% GST on it. For example:
Thanks for your response. I will give that a go.
That all worked great. Thank you for your assistance.