What do I do with the 1 cent GST difference?
Options
NoCruncher
Member Posts: 7 ✭
For instance I am trying to post 329.82 and separate the GST I am always off by 1 cent.
Do i just create an account called Rounding and put 1 cent in it? Put it on the second line?
Do i just create an account called Rounding and put 1 cent in it? Put it on the second line?
0
Comments
-
Hey NoCruncher,
How you account for this depends on which method of charging GST you use. Reckon Accounts follows the original ATO instruction for charging GST – that an item’s cost must contain the tax component rounded to the nearest cent.
There are 2 articles which you may wish to look into, it will provide you with some clarity on the issue and will also explain how to work this into your Account keeping.
http://kb.reckon.com.au/issue_view.asp?ID=166
http://kb.reckon.com.au/issue_view.asp?ID=3628
Hope this help,
Mirko
0
Categories
- All Categories
- 6.4K Accounts Hosted
- 10 📢 Reckon Accounts Hosted - Announcements
- 5.9K Reckon Accounts (Desktop)
- 3 📢 Reckon Accounts Desktop - Announcements
- 1.3K Reckon Payroll 🚀
- 21 📢 Reckon Payroll - Announcements
- 21 Reckon Payroll Help Videos 🎥
- 21 Reckon Mate App
- 3K Reckon One
- 7 📢 Reckon One - Announcements
- 10 Reckon Invoices App
- 14 Reckon Insights
- 107 Reckon API
- 822 Payroll Premier
- 307 Point of Sale
- 1.9K Personal Plus and Home & Business
- 62 About Reckon Community