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General Journal for Liability showing as income

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rapid1
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General Journal for Liability showing as income

We have an ongoing 'line of credit' with a supplier and I have entered a general journal to record a purchase made with the supplier; crediting the Liability account to increase the 'loan' amount and debiting the relevant expense accounts for the purchase. 

 

However, on my dashboard where is shows GST Refund/GST to pay, when I go into GST to pay it is showing the journal as Sales & Income G1 when it is obviously not income.  Should I enter this transaction another way in MYOB essentials?

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MYOB Moderator Steven_M
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Re: General Journal for Liability showing as income

Hi @rapid1

 

Welcome to the MYOB Community Forum, I hope you find it a wealth of knowledge

 

When recording a journal entry in MYOB Essentials it reviews the transaction's accounts, line order and tax codes involved in the transaction to determine where it should appear on the GST reports.

 

In terms of your enquiry, I would recommend speaking with an accountant to ensure that you have both lines on that transaction set with the appropriate tax code. For example, if you have both lines showing as having GST then you will show something similar to:

 

Attachment.PNG

 

Whereas if you do have one line that is not reportable i.e. the liability account line, you will only show the GST value for the Purchases and Expenses: G11 - Goods & Services Tax 10% section:

 

Attachment2.PNG

Kind regards,
Steven

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Ultimate Partner DuncanS
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Re: General Journal for Liability showing as income

@rapid1 @Steven_M

 

I suggest using Spend Money instead of a Journal whenever possible.

 

The Lender account is setup as a Credit Card.

 

Let us know how you go.

 

Duncan

Duncan Smith
Business Advice + Tax
Helping business owners build a better business since 1998
E expressgst@optusnet.com.au T 02 9904 3672 7 days
rapid1
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Re: General Journal for Liability showing as income

Hi Duncan,

 

Thanks, that is exactly what I did, happy to see my choice was the right one though.

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