Assigning a tax code to deposits

shancoshanco Member Posts: 2

Hi , my template for deposits does not include a tax code choice or any tax at all. Can this be added? If so, how?



  • BruceBruce Member Posts: 260 ✭✭

    not needed.

    Any money coming in with GST in should be be from either:

    • receive payments (where an invoice, incl GST, have already been created), or
    • create sales receipts where you record the sale and GST at the same time
  • shancoshanco Member Posts: 2

    I do the deposit instead of an invoice, sounds like I should have been doing a sale receipt instead of a deposit do you think? Any idea if i can add a tax code somehow without redoing the whole year?

  • BruceBruce Member Posts: 260 ✭✭
    edited October 13


    Absolutely you should have been doing a sales receipt or invoice.

    Without having seen exactly have a processed your deposits, a possible suggestion would be to do bulk journals matching your BAS reporting periods and:

    • credit the total GST that you have charged to your Tax Control (GST Liability) account, and
    • debit the total GST charged to whatever income line you have been using for your deposits

    PS How have you been doing your BAS statements?

  • ZappyZappy Accredited Partner Posts: 4,692 ✭✭✭

    You should be using the sales function to record sales. Deposits bypass the GST control account.

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