StephanieLee
Experienced Cover User
Joined 13 years ago
User Profile
User Widgets
Contributions
Re: GST on Commission appearing as a negative purchase
Hi SherylBT, I use the method Steven_M has suggested, having two cards for each supplier (one a customer and one a supplier) and using a "contra" bank account to offset the sale amount of the commissions from the suppliers purchase. I take your point though, it certainly is a lot of work if there are a large volume of transactions. One work around might be to do just two journals at the end of the BAS reporting period to "correct" the entries in bulk. To make things easier though, you might need to have a separate Commission income account that you only use for commissions that have been deducted from purchases. Then after the quarter you can just look at that one account to see the total value of commission that has been deducted for the period - and do the correcting entries as per below: E.g. If I have earnt (deducted from purchases) $2,000 plus GST from all my suppliers, then the following journal will reverse the negative purchase entry. Note: before recording make sure the "Display in GST [BAS] Reports as" has Purchases selected. Commission Earned on purchases DR $2,000.00 (plus GST) Contra Account CR $2,200.00 N-T Then do another journal, making sure the "Display in GST [BAS] Reports as" has Sales selected to make the correction and correctly record the sale: Contra Account DR $2,200.00 N-T Commission Earned on purchases CR $2,000.00 (plus GST) As you can see, the net effect on both these journals is nil - it just moves them from a purchase to a sale on your report. Hope this is of some help.2.8KViews3likes0CommentsRe: Forum weekly update #59
I have a question about the shop small vouchers - I know MYOB partners cannot enter the $10,000 grant competition - but can we give out the Shop Small $250 shopping vouchers to our customers?? Hope so.. it is hard to encourage our customers to support the movement when it appears like we aren't doing so ourselves.1.3KViews0likes0Comments