Watch GST on Recurring Purchases Entries
If you use Recurring Purchase entries to record a standard entry per month, but you then go and amend the values - watch the GST ! We have found that the GST report is correct showing the amend GST value, but the value that goes to the GL Account for GST Paid, is incorrect and still shows the original value of the Recurring Purchases Entry . We identified this as our GST report wasnt maching our GST LEdger Account. A painful process to match off every transaction to identify the differnce and it all came back to a REcurring entry we were using for Credit Cards. Hope this helps others who identify a mismatch!31Views0likes0CommentsThe correct way to record pre-GST sales and purchases?
Hey my tax accounting friends. If I'm a non-GST-registered sole trader, when using MYOB AccountRight, which tax code do I use for purchases from GST-registered suppliers, and which tax code do I use for sales? (N-T, GNR, GST, other?) I've read conflicting information about the correct tax code to use.Solved1.2KViews0likes1Comment