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GST on credit card not reported on BAS

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Contributing Cover User warragal
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warragal
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GST on credit card not reported on BAS

I really am not sure whether I'm entering this correctly or whether I need to change any settings in Myob but this is in regards to using a credit card for business purposes.

I am entering the credit cards expenditure listing all the transactions for the month with appropriate tax codes, via Spend Money.  I enter the credit card in the 'From' field but am leaving the 'TO' field blank.

 

I then pay the credit card via the business account through internet banking with NO TAX.  A debit and credit appear on the credit card so reconciles correctly.  

 

I've actually never thought too much about this until now, but it seems that the tax I pay on the credit card purchases are not being included in my "GST on Purchases" for BAS.  Is this correct?

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MYOB Staff Post RienaP
2,155 Posts
MYOB Staff Post
New Zealand
RienaP
MYOB Staff Post

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Re: GST on credit card not reported on BAS

Hi @warragal,

 

First of all, can you please confirm if you set up bank feeds for credit cards? If not, you can Setup your bank feeds and to find your provider in the search to determine the frequency your bank feeds are updated, and how to get started. 

 

When you are currently data entering from Spend Money, with appropriate Tax codes then the GST will be reported accurately. Check your GST reports + Reports >> GST >> GST [Detail - Invoice or Payment] depending on which basis you account for GST. This report should show the transactions that affect GST under the appropriate GST codes.

 

Hope this will help. If there are further questions, please do not hesitate to contact us.Smiley Happy

 


Regards,
Riena
MYOB Training Specialist
Contributing Cover User warragal
11 Posts
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warragal
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Re: GST on credit card not reported on BAS

No I haven't set up any bank feed for the credit card as it hardly ever gets used.  I had a closer look at my reports and now see them listed there.  Thank you for confirming.  At least know I now this is correct.

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