Hi Sue
Kevin is correct, NCI is for Bank Fees, Interest etc.
Kind Regards
Kim Chapman
Hi Sue Don't be upset that your accountants have given you wrong information or no input. When GST was first introduced I used NCI for Bank Fees, Interest paid but now days I use NCF for Bank Fees as NCI and NCF both sit at G11 on the BAS form. I use NCI for Rental Property Expenses, domestic situation and INP for the Rent Received from those Rental Properties. Most definitely don't put NCI on Private Drawings, I always leave this coding blank as it has nothing to do with BAS. I think the purple software tax code everything. As a guide, 'N' codes are for expenses that appear in the Profit and Loss e.g. NCF, NCG and NCI. Private Drawings are in the Balance Sheet area. GST is still an interesting topic even 16 years down the track.
Happy coding Shirley
Hi Jay Why not set up this report. Go to Reports, Accountant, General Ledger, in Display tick Tax Code. Then in Header Footer under the report title call the report General Ledger with Tax Code and then memorise this report. In this report you can scroll from Bank to the very last coding in the Chart of Accounts. As you are moving through this report you often pick up mistakes clients have made in either coding or using the wrong tax code. I find by the time I have gone through this report, if you don't report inventory, your P&L and Tax Summary will usually balance to the cent. Wages and Super amounts are deducted from the expenses in the P&L as they don't have tax codes. This will eliminate *sigh Shirley
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