As from July 1 I have been registered for GST and as I’m submitting my BAS on a monthly basis, I’m trying to get ready for my first BAS.
When I checked out my GST worksheet, I’ve noticed the following line that has me a little confused:
G10 Capital purchases (including any GST) $ 398.75
My only entry for this amount ($398.75) was actually a stock purchase that was entered through a Purchase Invoice so I can’t understand why it would be showing up as a Capital Purchase
(When I paid the supplier for this invoice, I’m quite sure that I used “Spend Money” in the Bank Account and allocated the amount to “Accounts Payable” as the account, so I’m also not sure if I’ve done this correctly)
I’ve also found that when I check out the Summary Page, under Liabilities,it shows a figure of $649.23 but my GST Worksheet, shows Tax Payable (Your Payment) as being $281.05.
Hopefully, someone may be able to set me straight on how this should be done (or should have been done if I’ve made a BOO BOO.
Thanks again for all of you assistance