Spend Money/Receive Money: Indicate how you wish transaction to be displayed for GST
Currently, in Spend Money/Receive Money, there is no option to choose which side of the BAS (GST Collected vs GST Paid) the transaction should be reported oni.e.. if its Spend Money = GST Paid and Receive Money = GST Collected. Most of the time, this is the correct treatment, However there are often situations where this is not the case. For example if you receive a refund for a purchase (say a new computer that originally was paid via Spend Money, hence you use Receive Money to record the refund), then it will incorrectly report on the BAS under GST collected, when it should be a reduction in input tax credits. General journal have the toggle button to be able to choose which side of the BAS the transaction should be reported on. Why does Spend/Receive money not have this toggle feature also? The default should obviously be Spend Money= Purchases, Receive Money= Sales, however there should be option to change the GST reporting side if/when needed.I understand there is a work around involving additional tax codes, but I think this just complicates a simple process. Does anyone agree? Share your thoughts. "Spend/Receive Money may incorrectly be reported on the BAS"6.4KViews14likes8CommentsWhy are BASLINK settings saved locally?
Why are the baslink settings saved locally even for an online file? If I make changes to the settings on my computer, does my colleague have to make the same changes on theirs? That's what it sounds like (such as adding new payroll categories). I've always been the only person needing access to it but I'm now sharing the role with someone else and either of us could be the one responsible for the BAS/IAS on any given month. I've copied my settings to her new computer today but I'm unsure how this will work going forward to minimise the risk of mistakes.601Views0likes1Comment