GST on sale of MV

Chris_7677427

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.

Accepted answers

All comments

Kris_Williams

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

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

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

Thanks so much for your assistance!

Kris_Williams

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

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

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

Chris_7677427

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

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

Reckon Accounts Hosted Announcements & Important Info

Don't miss announcements and important info for Reckon Accounts Hosted

Button

Reckon Accounts Hosted Ideas & Feature Requests 💡

Do you have an idea for a feature in Reckon Accounts Hosted? Let us know here!

Button