GST in split transactions

tomf
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GST in split transactions

A deposit transaction split between income and expenses deducted allocates GST on a net basis to GST collected however the GST detailed report splits between GST collected and GST paid. How are we to reconcile GST when the GL doesn't agree with the BAS elements for GST?

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Steven_M
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Re: GST in split transactions

Hi @tomf 

 

MYOB Essentials has the report, GST detailed report. This particular report is designed to showcase the individual components that went to each tax type. This particular report uses the Tax code and GST fields as the basis of the report. Reports such as the General ledger details would use the account basis as the primary basis of that data. As such, while the data is the same it's being reported on differently.

 

In terms of reconciling it would be a case of matching the ref numbers of those transactions to the corresponding entries in the reports.

Kind regards,
Steven

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tomf
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Re: GST in split transactions

It confirms to me that Essentials doesn't handle these transactions correctly. Can you put it up for software change?

Steven_M
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Re: GST in split transactions

Hi @tomf 

 

The linked GST account that the transaction will record to is based on the type of transaction that is being recorded, not the account that is selected. For example, if you are recording a Receive Money transaction the GST Collected account is used, this does include transactional lines where a negative is used. Spend Money transactions will use the GST Paid account, even if an expense account is being used.


To my knowledge, this is not an error that we are looking at with the product now or in the future, AccountRight (another one of our products) behaving in the same manner.

Kind regards,
Steven

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tomf
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Re: GST in split transactions

If the linked GST account is based on the type of transaction only then for split transactions GST is not being allocated to the correct GST account - GST should be split to GST collected and also to GST paid. Yet the GST reconciliation report is based on the account that is selected. Are you saying this is not in error simply because it is the same in Account Right? Good grief!

Steven_M
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Re: GST in split transactions

Hi @tomf 

 

My previous post was to indicate that AccountRight, which is another MYOB-developed Small business product, follows the same logic as the MYOB Essentials. As this situation is across the board with the MYOB SME product suite, strong consideration is required to make changes. At this time, that is not currently our focus for the development of the future of the products be it AccountRight or MYOB Essentials.

Kind regards,
Steven

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