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  • Recording a GST only transaction


 

 

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Let's say you receive an invoice for $1000 and the supplier forgets to charge you the GST. To correct this, the supplier sends you a second invoice, only for the GST.

 

To record GST only transactions from suppliers
  1. On the Banking menu, click Spend money.
  2. In the Pay From field, select the applicable bank or credit card account.
  3. In the To field, select the applicable supplier.
  4. In the Notes field, describe this transaction, e.g. "GST only on purchase number xxxxx" (or similar).
  5. Select the Date of the transaction.
  6. In the Amounts are field, select GST exclusive (New Zealand) or Tax exclusive (Australia).
  7. On the first line of the transaction:
    • select the required expense account
    • enter a description
    • enter the original dollar amount of the expense
    • select S15 as the GST Type (New Zealand) or GST as the Tax Rate (Australia).
  8. On the second line of the transaction:
    • select the same expense account as the first line
    • enter a description
    • enter the original dollar amount of the expense as a negative value
    • select E (Exempt) as the GST Type (New Zealand) or NTR as the Tax Rate (Australia).
  9. Click Save. See our example transaction below.
    Spend money transaction with 2 lines

Note that this process will also work for receiving GST only amounts, but you would use a Receive money transaction instead.