Cattle Sale Expenses

Michele Petrie

What is the best way to record a Cattle Sale that has expenses deducted so the expenses go into GST Claimed from Purchases.

Currently the GST on expenses is reducing the GST due on Sales

Trish_10627965

HI - is this on a bank feed, ie coding a bank statement

Michele Petrie

Hi - no, they are recording a Sales Receipt

Bruce

It sounds like the Tax Code you have for the expenses is GST and as a result it will reduce fields G1 and 1A on your BAS.   If you change it to NCG it will be appear in field 1B

Michele Petrie

Thanks - It doesn't give me the choice to pick NCG

Charley

I do this for one of my clients; use a clearing account, Sales Receipt for full amount into clearing a/c then cheque for expenses (NCG) also out of clearing a/c then transfer remainder which should equal what you got to your operating a/c. That way it also follows the bank statement. Don't do a minus amount on the Sales receipt.

Robyn Kelly (Partner)

I have a help sheet if you'd like to email me I can send it
robyn@robynkelly.com.au
Regards, Robyn Kelly

Janine Smith

I also do it this way, everything is then declared as it should be.  Just set up a new bank account and make sure it has a nil balance after you record your sale & transfer to your trading account.

duke

Gday Michele,

You can enter a Recipient Created Tax Invoice by creating an invoice or a Sales receipt
Create a "non-Inventory" Item such as Bull sales, Cow sales etc
Create all costs associated with the sales as an item type "Discount."
so the list on your invoice or Sales receipt would go like this

Cattle Sales - GST - Income

Cartage - GST              All of these discounts
Commission - GST
Transit Ins - GST
Yard Dues - GST
Govt Fees - FRE

The best thing about setting up like this is that it all appears on one line in your PnL reports
   
Regards,
John McMahon.
0428 938 221

Jacqui Allen

spot on Charley