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. Here's what to do. UI Expand |
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title | To record GST only transactions from suppliers |
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| - On the Banking menu, click Spend money.
- In the Pay From field, select the applicable bank or credit card account.
- In the To field, select the applicable supplier.
- In the Notes field, describe this transaction, e.g. "GST only on purchase number xxxxx" (or similar).
- Select the Date of the transaction.
- In the Amounts are field, select GST exclusive (New Zealand) or Tax exclusive (Australia).
- 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).
- 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).
- Click Save. See our example transaction below.
Note that this process will also work for receiving GST only amounts, but you would use a Receive money transaction instead (Banking menu > Receive money). |
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