Assigning a tax code to deposits
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shanco
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?
Lisa
0
Comments
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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
1 -
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?
1 -
Lisa
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?
1
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