GST Claimable on Import Duty Invoices
We are importing goods from overseas. When the freight processing companies send through their bills there is Import GST claimable on the invoice as a separate line item which does not show up on the usual GST line at the bottom of the invoice.
How do you enter this type of transaction to be able to claim that GST? Our accountant has advised that we enter a GST inclusive amount which would then put the correct amount of GST in the Tax column and then just add a negative line to reduce the amount to balance the invoice.
See attached invoice, there is $6,062.18 Import GST which is claimable but tax amount down the bottom is only showing $306.72.
I have entered the invoice in Reckon:
Import tax declarations Tax Code NCG = $66,683.98 - tax portion showing as $6,6062.18
Import duties/fees Tax Code NCF = $8,042.28 - tax portion showing as $0.00
Import duties/fees Tax Code NCG= $3,373.92 - tax portion showing as $306.72
Import tax declaration Tax Code NCF = -$60,621.80 - tax portion showing as $0.00
Total GST on Invoice = $6,368.90
Total Invoice = $17,478.38
This invoice was dated 31/03/21. Invoice was paid in full on 01/04/21. We are on a Cash Basis for GST so the full amount of $6,368.90 GST should appear on the April-June QTR for BAS but for some reason Reckon has split an odd amount between the Jan-Mar Qtr and the Apr-Jun Qtr.
When I called reckon they seemed to think it was because I had a negative amount in the bill. But even if I took the negative line out and had a larger bill amount showing and then put a credit note through to get it back to the actual amount of the bill it still split the GST amount over the two quarters.
Has this happened to anyone else?
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