What is GST-P and why has it come up in my tax summary report
I am preparing a BAS for one of the companies I look after. I have pulled a Tax Summary report complete the BAS, however when I go to enter the figures 'Total sales & income & other supplies" (G1) is correct, however when I go to the 'Debits and credits tab'- 1A is correct, however I can't seem to get the right figure for 1B according to the tax summary report. I think its because in the report there's a column for GST, but also GST-P, and there is no GST-P when I click tax codes for 1B. When I just click GST is completely throws the whole thing. Hopefully someone can help!
Answers
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Hi @FarlowGroup
I've just answered your other post ☺️
The reason is because you are using income lines on an expense transaction. That tax code is generated by the program, telling you that you've got the "GST" tax code (which is for income) on a Purchase 😬
Shaz Hughes Dip(Fin) ACQ NSW, MICB
*** Reckon Accredited Partner (AP) Bookkeeper - specialising EXCLUSIVELY in Reckon Accounts / Hosted ! *** Bookkeeping & 1-on-1 customised software Training/Troubleshooting ***
* Regd BAS Agent (No: 92314 015)* ICB-Certified Bookkeeper* Snr Seasonal Tax Consultant since 2003 *
Accounted 4 Bookkeeping Services
Ballajura, WA
(NB: Please give my post a Like or mark as Accepted Answer if I have been able to resolve your query as this helps others when seeking solutions!)
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Thanks Shaz, how do I go back and amend this?
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See my other reply on how to fix it ☺️
Shaz Hughes Dip(Fin) ACQ NSW, MICB
*** Reckon Accredited Partner (AP) Bookkeeper - specialising EXCLUSIVELY in Reckon Accounts / Hosted ! *** Bookkeeping & 1-on-1 customised software Training/Troubleshooting ***
* Regd BAS Agent (No: 92314 015)* ICB-Certified Bookkeeper* Snr Seasonal Tax Consultant since 2003 *
Accounted 4 Bookkeeping Services
Ballajura, WA
(NB: Please give my post a Like or mark as Accepted Answer if I have been able to resolve your query as this helps others when seeking solutions!)
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I saw that - is that right though for things like bill payments? All I've paid for under this company within the BAS period is property insurance, a supplier invoice, and a water bill. I'm not sure how I could've done it incorrectly and assigned as an expense as the chart of accounts I'm assigning to each cheque im writing to pay the above are all under expenses?
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It also might be helpful to say that I haven't had this issue across any of the other companies I work on and do them all the exact same! So not sure how it could've gone wrong for this one? Any guidance would be appreciative, there isn't too many cheques/bills for me to amend if I need to individually.
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As long as you've used only Expenses/COGS accounts - & the corresponding expense tax codes (NCF & NCG) - on Bills/Cheques, then that is fine.
Shaz Hughes Dip(Fin) ACQ NSW, MICB
*** Reckon Accredited Partner (AP) Bookkeeper - specialising EXCLUSIVELY in Reckon Accounts / Hosted ! *** Bookkeeping & 1-on-1 customised software Training/Troubleshooting ***
* Regd BAS Agent (No: 92314 015)* ICB-Certified Bookkeeper* Snr Seasonal Tax Consultant since 2003 *
Accounted 4 Bookkeeping Services
Ballajura, WA
(NB: Please give my post a Like or mark as Accepted Answer if I have been able to resolve your query as this helps others when seeking solutions!)
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