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Example An invoice or bill is accidentally issued without GST. To make up for this, a subsequent invoice or bill is issued which is all GST. |
There's a few variations to this scenario, but the principle is the same. When recording the second transactionthis GST-only transaction, use two lines: - one line for the original transaction amount to calculate the GST
- one line to negate the original transaction amount to leave just the GST
This approach can also be used to add GST which might have been omitted from a previous transaction. Let's take you through recording a transaction which is all GST. - Record the bill or invoice with the following details:
- Deselect the Tax/GST Inclusive option.
- On the first line use the Account No. and Amount from the original transaction, and apply the applicable Tax/GST code to calculate the GST.
- On the second line, enter:
- the same Account No. as the first line
- the Amount of the original transaction as a negative value (to negate the remaining value of the first line to leave only the GST amount)
- the applicable Tax/GST code to calculate NO GST
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| Using the Item layout? On the first line, select any stock item and enter a quantity of 1. On the second line, select the same stock item and enter a quantity of -1. This ensures stock quantities and values won't be affected. |
Here's our example of a bill which is all GST: Image RemovedImage Added - Apply payment to the bill or invoice as normal.
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This will close the transaction. Want to learn more?We might not be experts in GST, but our community forum is a great place to connect with business professionals who are happy to share their insights. |