GST on sale of MV

Chris_7677427
Chris_7677427 Member Posts: 27 Reckoner Reckoner

We sold a MV and I processed the payment we received in "Record Deposits".

It didnt show any GST portion so I reduced the net amount and included a line for GST.

This reduced my tax to pay which is correct but now my rec is out by about the same amount…🤔

Thanks for any help that can be offered.

Answers

  • Kris_Williams
    Kris_Williams Member Posts: 3,612 Reckon Accounts Hosted Elite Expert Reckon Accounts Hosted Expert
    edited October 2

    it’s best to do a Cash Sale or invoice using an item called Sale of motor vehicle with a tax code of GST

    The make deposits window is only used for things that don’t need a tax code, which for income is rare. Mainly bank transfers etc

  • Chris_7677427
    Chris_7677427 Member Posts: 27 Reckoner Reckoner

    Thank you Kris, however I'm confused. I found where to enter a cash sale.

    It has the gross amount showing in the bank as a deposit, but the net amount as a payment?

  • Kris_Williams
    Kris_Williams Member Posts: 3,612 Reckon Accounts Hosted Elite Expert Reckon Accounts Hosted Expert

    when you enter a cash sale there is a box to show what bank you want to deposit it to. You need to delete any other entries you have already made. Feel free to call me 0415 940843

  • Chris_7677427
    Chris_7677427 Member Posts: 27 Reckoner Reckoner

    Thanks so much for your assistance!

  • Kris_Williams
    Kris_Williams Member Posts: 3,612 Reckon Accounts Hosted Elite Expert Reckon Accounts Hosted Expert

    glad to be of help, sorry I didn’t answer the call yesterday, any time, just text me first so I pick up

  • Chris_7677427
    Chris_7677427 Member Posts: 27 Reckoner Reckoner

    Now my GST return looks alot better but out by $89.

    Where do you look for this? Had a quick look at the GST portions on the TAX 101 report but ??

    Thanks

  • Kris_Williams
    Kris_Williams Member Posts: 3,612 Reckon Accounts Hosted Elite Expert Reckon Accounts Hosted Expert

    what do you mean it’s out by 89, compared to what?

  • Chris_7677427
    Chris_7677427 Member Posts: 27 Reckoner Reckoner

    My reconciliation spreadsheet that takes the GST control, Debtors & Creditors from the balance sheet.

    And the GST to pay from the 101 report.

  • Kris_Williams
    Kris_Williams Member Posts: 3,612 Reckon Accounts Hosted Elite Expert Reckon Accounts Hosted Expert

    a bit hard to tell without seeing the details, I use the tax summary report for my BAS, everything you need is in Reckon. I have other ways of proving that my figures are all correct, but that’s another lesson