GST
Hi, I have realised that GST was inadvertently deducted in a past GST return that should have been tax exempt. How do I correctly include this in the current GST period so it hits both the balance sheet and the tax detail report? Raising a journal against the GST code only seem to get it into the Balance Sheet and not the Tax Detail Report creating a discrepancy between the two.
Answers
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I would do a reversal of the original transaction by journal
e.g.
Cr. advertising. 500. NCG
Dr advertising. 550. Tax exempt code or no code
1 -
Just to add to what Kris has said, if the transaction has already been reported in a previous BAS lodgement, the journal entry that Kris describe above, needs to be dated in the "current" BAS reporting period i.e. the period for which a BAS is still to be lodged.
John L G
1
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