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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 this 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:
- Apply payment to the bill or invoice as normal.
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.