GST Reconciliation

1

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 :frowning:

(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 :slight_smile:

2

You might be using an older version? Purchases of inventory items would definitely show under G11.

As for why liability under Summary page shows $649.23 and your BAS summary $281.05… well, your BAS summary is for specific period of time (1 month), Summary page is “as at” balance which means it includes all transactions until today.

3

Thanks Lubos,

The version that I am running is 15.2.24.

Is there a later version available and if so, do I need to backup my data, remove the old one and install the new version or will it just install “over the top” of the old one?

4

Install “over the top”.

But you should be making backups anyway. Just in case something happens to your computer.