AccountRight Premier and Enterprise, New Zealand only
AccountRight Premier and Enterprise is not specifically designed to track GST collected or paid in other countries. The following method can be employed as a workaround in some situations. We suggest you check with your accounting advisor to determine the best workaround for your circumstances.
- Create GST collected and GST Paid accounts for the currency your are working with. Create these as NZ dollar accounts not foreign currency accounts.
- Create a new GST code under the Lists menu by choosing GST Codes. Set the rate as zero (doing otherwise will cause this code to incorrectly report on the NZ GST return). Link this code to the accounts created in step one.
- Create a transaction as necessary and code to the GST code created in step 2. Because the GST rate is set to zero the value of GST will need to be manually entered by selecting the arrow beside the GST value and overriding the GST calculation. Note: Be careful with the GST inclusive/exclusive tick box, the exclusive setting is preferable. Record the transaction as normal.
- For reporting purposes use the Accounts Transactions Accrual report and select the relevant GST Collected/GST Paid accounts. Select the currency as being the currency you want to report in and select the correct date range. If done correctly the GST will display in the original currency and not as the NZ dollar value of the transaction.
- When completing a return for these GST accounts be aware that the currency exchange values may also need to be journaled out of these accounts at the end of the reporting period.