Hi
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.
Answers
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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)
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