Hi

Laurelle Searle

How do I process a bank charge refund? I have tried by using Create a Sale Receipt, but I can not choose the correct corresponding tax code of CAI and it is not a INP Code.

Acctd4

Reckon has distinctly separate tax codes for income v expenditure.

A Sales Receipt is an income form (eg for monies you receive) & therefore only income tax codes can be used eg GST, INP, FRE.

CAI stands for Capital Asset (purchases) that are Input-Taxed (& I am yet to come across a scenario where this tax code is even needed!)

TIP: Make all the unnecessary tax codes Inactive. You will then only have the ones you actually need/use in the dropdown.

The most common income ones are:

GST (For taxable goods/services if you are GST-registered)

INP (This is for income that is input-taxed eg has no GST. It is primarily used for financial transactions & residential rent income)

FRE (This is for goods/services that the ATO have deemed to be GST-FREE eg fresh produce, many medical & education-related income)

EXP (Only required if you export goods/services internationally)