GST

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Leica123
Leica123 Member Posts: 8 ✭
in Accounts Hosted

Hi, I have realised that GST was inadvertently deducted in a past GST return that should have been tax exempt. How do I correctly include this in the current GST period so it hits both the balance sheet and the tax detail report? Raising a journal against the GST code only seem to get it into the Balance Sheet and not the Tax Detail Report creating a discrepancy between the two.

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  • Kris_Williams
    Kris_Williams Member Posts: 3,307 Reckon Accounts Hosted Expert Reckon Accounts Hosted Expert
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    I would do a reversal of the original transaction by journal

    e.g.

    Cr. advertising. 500. NCG

    Dr advertising. 550. Tax exempt code or no code

  • John Graetz
    John Graetz Member Posts: 1,651 ✭✭✭
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    Just to add to what Kris has said, if the transaction has already been reported in a previous BAS lodgement, the journal entry that Kris describe above, needs to be dated in the "current" BAS reporting period i.e. the period for which a BAS is still to be lodged.

    John L G

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