GST on sale of MV
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
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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
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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?
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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
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Thanks so much for your assistance!
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glad to be of help, sorry I didn’t answer the call yesterday, any time, just text me first so I pick up
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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
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what do you mean it’s out by 89, compared to what?
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My reconciliation spreadsheet that takes the GST control, Debtors & Creditors from the balance sheet.
And the GST to pay from the 101 report.
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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
0
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