ronatbas
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Re: Capital Purchases and Finance in AccountRight
Hi Ash Hi Ash You need to be very clear on the finance you are using. A personal loan or similar does not have GST, a hire purchase arrangement does have GST, which I believe is now claimable at the start of the agreement. With hire purchase the vehicle remains the property of the financier and does not appear on the company accounts until such time that the HP is paid out. These days HP is rarely used and loan is the most likely arrangement. In this case the car vendors bill is written as 1-xxxx Motor Vehicle at Cost $64741 CAP 1-xxxx Motor Vehicle at Cost Remainder NT The loan needs to be setup as Credit Card type and is populated by using Pay Bills to pay the bill. It is unaffected by the GST registration of the company. I recently answered a similar query and you might find the notes below useful Changes to Chart of Accounts 1-xx00 (Motor Vehicle) at Cost 1-xx05 depreciation on (motor vehicle) 2- xx00 ABC loan (setup as Credit Card type) 2- xx05 ABC loan interest (setup as Credit Card type) 2 -0007 ABC loan balloon (setup as Credit Card type) 8- xxxx Sale of Asset(MV) I assume that you already have a Cash drawer and a Directors loan Account Use Receive Money to Cash Drawer for Sale of old Vehicle 15000 Account 8-xxxx Tax CAP Setup purchase Invoice for entire cost of Vehicle inc. registration, dealer fees and charges. Line 1 should read Vehicle details inc. Reg #, VIN. Account 1-xx00 MV at Cost $64741 Tax CAP Line 2 Vehicle Difference Tax N-T https://www.ato.gov.au/Business/GST/In-detail/Your-industry/Motor-vehicle-and-transport/GST-and-motor-vehicles/?anchor=Purchasingamotorvehicle#UsedSolelyForBusiness Generally, if you purchase a car and the price is more than the car limit, the maximum amount of GST credit you can claim is one-eleventh of that limit. For 2022–23, the maximum GST credit you can claim is $5,885 (that is, 1/11×$64,741). This limit also applies to cars which are fuel efficient. Pay invoice in three steps From Directors loan or Bank $500 From Cash drawer $15000 From Loan Account Balance We then need to set up the loan account. Spend money from Loan Account to Interest on Loan $17K Assuming that there is no GST on the Loan charges spend money from Loan Account to Bank charges $1301 FRE. If there is identifiable GST charge to Merchant Fees Calculate the loan amount over $48K and use Spend Money to 2-0007 Balloon. Monthly payments should be made Bank to Loan and the accountant can do an end of year adjustment to move some of the payment to Interest payable.11KViews1like0CommentsRe: can some one help with gst summary cash report not matching profit & loss statement
ajauto The GST cash report is just that, monies collected and paid for any given period. The profit and loss is an accrual report and shows invoices and bills for a given period regardless of their payment status. If you look under Reports> Accounts> Small Business Entity you will find Profit & Loss Cash Basis. You should find better agreement with your GST report.943Views1like0CommentsRe: I represent a church registered for GST needing to invoice another church not registered for GST. Do I charge the GST? Can I claim it back?
Margaret8 As an entity registered for GST you must charge them GST unless they have a letter of exemption from the government. Think about as rare as hen's teeth. Presumably they are not registered because they are below the $150K limit for NFP's. Your situation is no different than the power company or the cleaning company - you need to add GST to your invoice. You will not be claiming it back, rather you you be paying it to the ATO at the next BAS1KViews1like0CommentsRe: MYOB Not exporting to excel & Unable to search on GL codes when in reports
Andrew_Y MaddieDixon is perhaps a little too polite to mention that this is another instance of developers playing where they had no cause to go. One can argue that it is only one more keystroke etc. In many cases it is many years of learned behaviour that has to be relearned because of an (apparent) unnecessary change. Worse still this change, like so many these days, comes without any explanation.Re: Accidentally closed current Payroll Year
Crunchtime I hate being the bearer of bad news, but the file is now virtually useless.There is no roll back of the payroll area. If you have recent backup or are in the cloud there is a recovery that will need some reentry of data. Find yourself an experienced Certified Consultant who has experience in this area and work closely with them to ensure that the process gives you a true record of both your financial and payroll. There is another method that involves opening a new Payroll only file. Staff details can be brought across fairly painlessly and existing data can be entered either as per pay period or as a one off pay. Future pays can then be put back into your current finance file as a journal on a monthly basis.1.6KViews0likes4CommentsRe: Accrual/Cash
LaniOUPGDay53 One of the problems with the QB model is that it gives a report tyhat is not a Balance Sheet. Flicking to cash basis in QBO removes the Receivables and Payables and you have a Balance Sheet that does not balance. What numbers are you looking for as it may available from another report?1KViews2likes0CommentsRe: Amending annual Leave
Jaida Firstly the need for a new entitlement is dependant on your accrual method. If you currently accrue leave on a %age of hours worked then you do not need a new entitlement. They will still accrue leave but not as quickly as before.Usage will be depen If, however, you accrual has been a set amount per pay period, then you first need to make sure that you have a wages category that is linked to your part time entitlement. In Payroll Categories>Wages uyou then tick both the old and the new Holiday wages. Go to payroll and do a void pay with old holiday pay being the total for that entitlement and the new holiday pay being the negative of that amount. Effect is you will use up all of the old and add this to new.1.4KViews1like4Comments