What do I do with the 1 cent GST difference?

NoCruncher
NoCruncher Member Posts: 7 Novice Member Novice Member
edited October 2024 in Reckon Accounts (Desktop)
For instance I am trying to post 329.82 and separate the GST I am always off by 1 cent.
Do i just create an account called Rounding and put 1 cent in it? Put it on the second line?

Comments

  • Mirko
    Mirko Reckon Alumni Posts: 1,116 Former Reckon Staff Member Former Reckon Staff
    edited November 2015
    Hey NoCruncher,

    How you account for this depends on which method of charging GST you use. Reckon Accounts follows the original ATO instruction for charging GST – that an item’s cost must contain the tax component rounded to the nearest cent. 

    There are 2 articles which you may wish to look into, it will provide you with some clarity on the issue and will also explain how to work this into your Account keeping.

    http://kb.reckon.com.au/issue_view.asp?ID=166
    http://kb.reckon.com.au/issue_view.asp?ID=3628

    Hope this help,
    Mirko



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