It looks like my GST calculation worksheet is wrong. I do importations and I pay GST upon custom clearance (not from purchase invoice). So I do journal entry and debit GST amount on GST Refund/ Payable account directly. It seems that this amount is not included in 1B, in the GST calculation worksheet. Is it something that i am doing wrong or is it the software. The software seems to be playing up a bit since i updated two months ago. I lost couple invoices, and one entry was gone from my cost of sales (spend money). Otherwise thank you for the beautiful software.
Thank you very much for your info,
I will have a look, but I¹ve been doing same procedures for the last 12
months and I didn¹t have any issue. I guess I will have to check all the
entries, but it seems that everything was ok before I updated early
november. I will get back to you.
HI there, I’m still unable to solve that issue. It seems that I haven’t claimed any GST that I’ve paid on Imports (GST ON IMPORTS). So when I get an invoice from customs, where do I do the entry if I cannot use journal entry? Should I raise another purchase invoice? If so, the currencies are different! I need help. is there any accountant that i can consult who is familiar with the manager software in Melbourne?
Thank you for the demonstration example, I read through it but I still have some issues. First of all I buy in foreign currencies and I pay customs clearance, charges, duty and GST on imports in Australian dollar. so if i create a new purchase invoice, I need to select a customer first! Second is I usually pay from my personal account and I have an account as ‘Loan from Director’. I understand the principle of cancelling, however where should I use the code ‘GST on imports’ ? Lastly I have a question, if I purchase a product with a GST amount on it (example Petrol, or office supplies), how can it reflects on tax reports using journal entry, but when doing an entry directly on GST accounts using journal entry it doesn’t reflects on tax reports? Also when i do an entry i always check GST, so even using journal entry gst is correct on GST account but not on tax reports or BAS.
Whoever you are paying these charges to, is the Supplier you select (not - “I need to select a customer first”)
In this case, you should be taking up those charges via an Expense Claim, not via a Suppliers Purchase Invoice. Under Setting - Expense Claim Payers you would set yourself up and after the Expense Claim has been created you would transfer the Expense Claim to the ‘Loan from Director’ via journal.
However, if you prefer to record these charges under the Supplier, then do a normal Purchase Invoice but take up the “payment” via a Journal - Debit Accounts Payable + Supplier + Invoice and Credit ‘Loan from Director’
Ok, the demonstration example is for worldwide use, however for Australia there is a special tax code.
Read this Guide
You shouldn’t be using Journals for purchases, that is what the Suppliers and Purchase Invoices tabs are for. 2) You don’t put GST entries directly to the Tax Payable account, you use the Tax field and then the amounts will automatically end up on the BAS.
When I create a new Purchase Invoice, I need to select a supplier right. How do I enter figures in AUD when the supplier is set for foreign currencies? Do not forget, I pay my supplier in USD and my GST on imports in AUD in this case
Thank you for your very helpful information, I’ve been able to work it out and everything seems fine now. I’ve understood that there’s a difference in between purchases and expenses and the entries can be different. So no journal entry for purchases…
However I just want to point out that all this time I was cross checking with GST Refund/ Payable account in liabilities and even purchases via journal entries was reflecting in GST Refund/ Payable account but not on GST Calculation Worksheet for BAS.
Thank you heaps for your help though. I will keep an eye on the GST BAS report for every entry now.
I am not sure if I need to open a new discussion here, but after correcting my entries for GST I had to ask for a revision on my BAS for the last 2 quarters and I ended up getting a refund from the tax office.
The tax office refunded me part of the amount claimed and held back the balance as a credit! I have no idea why but it’s the government! So I have 2 questions regarding this refund.
How do I do the entry for the amount received from the Tax office?
How do I do the entry for that credit from tax office?
Responding blind here as I can’t see your accounts but if your BS Liabilities Tax account is now reflecting the correct position it should be showing as overpaid, therefore the refund received would be processed as Receive Money with the account being the BS Liabilities Tax account which would reduce the overpaid position.
As for the credit, your next payment will be reduced by this credit amount and therefore absorb the remaining overpaid portion of the BS Liabilities Tax account.
If you track the actual figure movements on a sheet of paper may assist in seeing the whole picture.
Can anyone confirm if the GST Calculation Sheet s working correctly as I can see Dec16 Qtr okay but Mar 17 Qtr no population of sheet, all other GST reports run okay and have transactions …just checking if it is just me or if it is a problem that just now.