GST CODE FOR DRAWINGS

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Kerry Brown
Kerry Brown Member Posts: 4
edited July 2020 in Reckon Accounts (Desktop)
Hello fellow Reckon users, what GST code do I use for drawings and directors loan ? Does it mater if they show up as purchases in BAS?

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  • Cheryl Medley
    Cheryl Medley Member Posts: 119 ✭✭
    edited July 2020
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    Drawings and Directors Loans should not have any coding as these are not BAS related. They are needed for tax purposes only. They are not expenses to the company as such.
  • Kerry Brown
    Kerry Brown Member Posts: 4
    edited July 2020
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    Thank you Cheryl, so I dont have to give them a code in Reckon? in MYOB you have to give it a code to allocate a payment .

  • Cheryl Medley
    Cheryl Medley Member Posts: 119 ✭✭
    edited July 2020
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    No. You just leave that column blank. I think MYOB has a code that would cover 'out of scope' situations. I only work with MYOB for one client and their accountant has set everything up there so I don't have to think too hard at any time.....! Cheers
  • Kerry Brown
    Kerry Brown Member Posts: 4
    edited July 2020
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    so when balancing your BAS figures, what report are you using to check you haven't missed any codes. The fact that you can put in a transaction with out a code could be dangerous ???? Thoughts ?

  • Cheryl Medley
    Cheryl Medley Member Posts: 119 ✭✭
    edited July 2020
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    No. Not really. I go to the Tax reports section to check all the amounts are the same as each report. If you go down your List of accounts, you can see which items (income and expenses) have a code. But these codes need to be put in when setting up each account, so if this hasn't been done, then that won't give you an answer. I've never had to go check - not in recent years anyway. When I set up a new client with their accounts, I put the tax code in then so there isn't an issue later. I will have a think about the best way (unless anyone else is looking now - KEVIN RUSSELL!) for you to take a check look while I have caffeine.
  • Linda ABC
    Linda ABC Accredited Partner Posts: 1,133 Accredited Partner Accredited Partner
    edited July 2020
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    Under Reports - Tax - there is a report called Tax Code Exception - Detail... this will flag transactions with no tax code... although I dont use this much - I like to run a Transaction Detail by Account - with Tax Code and Tax Amount columns added - and review all the data entry of my clients for the period - kills many birds with one stone - checking that data has been allocated corrected and also that correct tax code is used.

    You can run other reports as well - and then filter them - Adding the filter Tax Codes and selecting No Tax Codes - this can be memorised too - and it will show transactions where no tax code has been used.
  • Kris_Williams
    Kris_Williams Member Posts: 3,494 Reckon Accounts Hosted Expert Reckon Accounts Hosted Expert
    edited July 2020
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    I use a detailed profit and loss and add the tax code column, and also check on a year end balance sheet that shows previous year and $change. That way I can check the tax codes on any accounts that are assets or liabilities. Should only be the assets though
  • Kerry Brown
    Kerry Brown Member Posts: 4
    edited July 2020
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    thank you all very much you have been very helpful , from   a first time reckon user  ..