Bas in home & bus I cant get it to account 4 my income on line G1. I am getting expenses on G6 where it should be G11. anybody please? Mark

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  • Updated 7 months ago
I tried setting up my Bas in home & business but I cant get it to account for "only my sales" my income on line G1. For example I have an income of $880 inc GST and an expense of $750 Inc GST
When I have only income $880 ( I have not added any expenses as yet) it appears correctly in G1 G6 G8 & G9 1A 8A.
When I then add an expense $750 G1 goes from $880 to showing $130 (880-750) The other lines adjust based on the total sales figure now being $130
I have set up an account under "business" called Automotive MK (I think the system set up a folder called "tax control") and automotive MK sits under this. It says it is tax tracking.
My expenses are suppose to go to G11 but this is blank as it is saying my income is $130 not $880 and it is going as income as apposed to income & expense. 
My expense category is "business expense Motor Finance" when I split my expense of $750
When I complete the transaction it is "GST taxable." 
I must be making a simple mistake???
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Mark Korol

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Posted 12 months ago

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Astro

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Sounds like you may have used the wrong code in your expense transaction.  I think you will find that it should be NCG if it was a non capital expense, you may have put GST instead.

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Kim Chapman - COS Business Solutions, Accredited Partner

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Hi Mark

That is most probably caused by you having the incorrect tax codes on the expenses with GST you should use codes NCG (for Gst purchases) OR NCF (Free). Your sales sound correct as GST OR FRE.

Hope this helps.

Kind regards
Kim Chapman
www.cosbiz.com.au
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Mark Korol

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Genius Kim! Thank you that fixes that. All good now
Is there a simple way to link an invoice to my Automotive Account? I have set up the invoice but it wont feed directly to that account. If I can solve that I am set up "completely"
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Robyn Kelly (Partner), Accredited Partner

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Mark you can't link an invoice to an account in H&B.  An invoice is just a form within the program that you are able to tick if it has been paid or not.  Once you receive the funds you need to also deposit the money into the appropriate account and split the transaction to account for the GST.
Hope that helps
Regards, Robyn Kelly
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MARK Korol

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Thx Robyn appreciate you taking the time to help. In a way I am happy as I wasn't doing anything wrong. Again thx
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Astro

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  • EXP - GST Free Exports
  • FRE - GST Free Supplies
  • GST - GST Taxable Supplies
  • CAG - Capital Acquisitions - Inc. GST
  • CAF - Capital Acquisitions - GST Free
  • CAI - Capital Acquisitions - For Making Input Taxed Supplies
  • NCG - Non-Capital Acquisitions - Inc.GST
  • NCF - Non-Capital Acquisitions - GST Free
  • NCI - Non-Capital Acquisitions - For Making Input Taxed Supplies
  • ADJ - Adjustments
  • INP - Input Taxed Supplies
This might help.
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Robyn Kelly (Partner), Accredited Partner

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G1 BAS for Home & Business to show total income needs to use tax code GST (NOT NCG).  NCG is for expenses & GST is for income.

Regards, Robyn Kelly
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Ben

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Thanks Robyn. I have changed it with GST from the register >> Split, still not showing; then assign the GST code directly with the category but not showing up too.
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Robyn Kelly (Partner), Accredited Partner

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When you enter a transaction you need to split every transaction and then in the split put the code GST.  How long have you had this data file?  Did you recently create the bank account?  What version of the program are you running please?
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Ben

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This is the H & B 2008 with new data file since 01/07/2016 (not previous years in it).

All transactions entered have tax code assigned, some entries from split, others from category, both are not showing up.

The GST has been correctly recorded in Quicken, it's clearly shown on Register >> Split, just not showing up in the BAS Report.

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Robyn Kelly (Partner), Accredited Partner

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Can you go to:

Business menu up the top
Then Business Lists
Then Tax Code List
Can you post a copy of the tax code list

And then can you also please split a transaction and make sure you can see a column in the split screen that says: T which is where you assign the tax code.  If so - is there an option to click in that column and click the down arrow?  What shows up?
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Ben

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EXP / GST Free Export: 0.00%
FRE / GST Free Supplies: 0.00%
GST / GST Taxable Supplies: 10.00%
CAG / Capital Acquisitions - Inc. GST: 10.00%
CAF / Capital Acquisitions - GST Free: 0.00%
CAI / Capital Acquisitions - For Making Input Taxed Supplies: 0.00%
NCG / Non-Capital Acquisitions - Inc. GST: 10.00%
NCF / Non-Capital Acquisitions - GST Free: 0.00%
NCI / Non-Capital Acquisitions - For Making Input Taxed Supplies: 0.00%
ADJ / Adjustments: 10.00%
INP / Input Taxed Supplies: 0.00%
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Ben

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Hi Robyn,

I have split a transaction for Payment in a credit card account, the T column says NCG in the Split window, then the income is now showing in the BAS report. Thanks for pointing out this.

Here is another question:

TAX cades other than NCG cannot be entered from the Split window manually, except assigned to the category first. For example, If I enter the tax code like NCF from the Split window, it cannot be saved after click the Enter. The T column shows nothing after I reopen it.

Also how to get a report for total purchase including any GST?


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Robyn Kelly (Partner), Accredited Partner

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You have an older version of the program and you will need to leave the first line blank and enter your category, tax code and amount on the second line of the split.  This is a known issue with the version you are running.  If you upgrade to the latest version this issue has been fixed.

NCG (acquisitions as shown above) is for purchases and GST (supplies as shown above) is for income on the BAS if the transactins include GST.