Cattle Sale Expenses

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What is the best way to record a Cattle Sale that has expenses deducted so the expenses go into GST Claimed from Purchases.

Currently the GST on expenses is reducing the GST due on Sales
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Michele Petrie

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Posted 2 months ago

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Trish

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HI - is this on a bank feed, ie coding a bank statement
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Michele Petrie

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Hi - no, they are recording a Sales Receipt
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Bruce

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It sounds like the Tax Code you have for the expenses is GST and as a result it will reduce fields G1 and 1A on your BAS.   If you change it to NCG it will be appear in field 1B
(Edited)
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Michele Petrie

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Thanks - It doesn't give me the choice to pick NCG
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Charley van Rotterdam

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I do this for one of my clients; use a clearing account, Sales Receipt for full amount into clearing a/c then cheque for expenses (NCG) also out of clearing a/c then transfer remainder which should equal what you got to your operating a/c. That way it also follows the bank statement. Don't do a minus amount on the Sales receipt.
(Edited)
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Janine Smith

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I also do it this way, everything is then declared as it should be.  Just set up a new bank account and make sure it has a nil balance after you record your sale & transfer to your trading account.
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Robyn Kelly (Partner), Accredited Partner

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I have a help sheet if you'd like to email me I can send it
robyn@robynkelly.com.au
Regards, Robyn Kelly
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duke

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Gday Michele,

You can enter a Recipient Created Tax Invoice by creating an invoice or a Sales receipt
Create a "non-Inventory" Item such as Bull sales, Cow sales etc
Create all costs associated with the sales as an item type "Discount."
so the list on your invoice or Sales receipt would go like this

Cattle Sales - GST - Income

Cartage - GST              All of these discounts
Commission - GST
Transit Ins - GST
Yard Dues - GST
Govt Fees - FRE

The best thing about setting up like this is that it all appears on one line in your PnL reports
   
Regards,
John McMahon.
0428 938 221