Reverse Charge GST on Digital Goods
Hi, I can't seem to find a solution on how to record reverse charge GST on digital goods. I'm using MYOB Business Lite. Everything I've tried either doesn't show up in the MYOB BAS report or doesn't allow me to reconcile the bank transaction. I have a bank transaction for $37.85 which the amount paid to the overseas supplier. To comply with the ATO, I need to add GST on top of this amount and record a GST credit for the amount paid. See ATO site: QC17450 I've tried to record it into a single transaction (with negative amounts, different and/or custom tax codes) which always leaves me unable to match to the bank transaction because it thinks $41.64 is the amount paid. I've tried to create a journal entry with the category being the GST account however, it seems like the BAS report doesn't look at the categories - just the tax codes. I've even tried creating custom tax codes however, they also don't appear in the BAS report. Any help would be appreciated. Note: Please don't suggest going and seeing an accountant (as suggested on similar community posts). If I was using a spreadsheet, I could do this easily. I'm struggling with how MYOB works - not the fundamental concept.
Keeping data for 5 years / new sub
I'm currently a sole trader using Business Lite, and my accountant has just recently set up a Pty Ltd company for me. I'm about to move all of my business across to the new company. I chatted with MYOB support, and they strongly recommended setting up a new MYOB subscription for the company, since it's a new legal entity. They did offer the possibility of changing my existing subscription over, but said I'd need to fill out some forms. I think honestly it would be a good idea to start with a fresh set of books, and I'm not totally against the idea. It's easy enough to recreate customer records if they can't be copied across from one sub to another. The biggest question I have though is, what happens to the legal requirements to keep everything for 5 years? Sure, I can export reports and keep them safely, but what about all the receipts that have been attached to purchases that I have made for the business? According to the FAQ's, MYOB only gives you 30 days access after you cancel and there's no proper way to export everything... This is not good. What have other people done in the past when changing from sole trader to a company? Did you keep your same subscription going and fill out the forms to change details, or did you start fresh, and if you did, how did you handle the legal requirements of keeping your previous data without having to continue paying for a subscription for 5 years?