General Journal not tracking in Tax Liability/Summmary Report

JSD

Hello,

I am using Reckon accounts Premier and have need to to set up a Loan account for progress loan payments being made by our bank. To claim GST on these expense my accountant requested I set up a capital expense account and a loan liability account, and use these to transact general journal entries for the amounts being paid on our behalf.

The problem is that this is not reflecting in my GST Tax Liability or Tax summary reports for GST reporting purposes. I have read on other boards that this is not possible in Reckon due to only having a tax item option for journal entries which is not tracked in the tax report.

Has reckon come up with a solution for this? Is there another work around so I can claim GST?

Cheers JSD

Jean_10862158

Progress Loan Payments are not what I would think GST'able payments. To qualify for claiming GST you need to have a "tax invoice" that shows what was bought and the GST involved.

I don't quite follow what is happening, it seems to be you have a bank account that pays out loan payments. This should be reflected by debiting your bank a/c and crediting what the loan payments are paying off. No GST involved in such a transaction.

JSD

Hi Jean,

Perhaps I have not explained this very well. We are able to claim GST as tax invoices are being issued. The invoices are being paid directly by our bank on our behalf as part of a construction loan and then the same amount is drawn from a loan account as progress payment. We will also have additional loan repayments to that loan in the future.

However my question is around being able to reflect GST amounts in tax liability reports from a general journal entry.

Kris_Williams

I have found that when I do GST reports that include journal entries they don’t show the tax code, they show the journal and the figures are definitely included in the reports. E.g. tax summary report

Jean_10862158

Is the loan account in your accounts? If so, then why not enter the individual payments made by going to "Banking" menu and select "Write Cheques", selecting that Loan A/c as the one to be paid from. That would debit the relevant expense accounts, and go to the credit of the Loan A/c.

The GST would be picked up from those payments made under "Write Cheques".

JSD

Hi,

Thanks for the suggestion Jean - I think that will be my best option.