Cattle Sale Expenses

Michele Petrie
Michele Petrie Member Posts: 3
edited June 2020 in Accounts Hosted
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

Comments

  • Trish_10627965
    Trish_10627965 Member Posts: 2
    edited May 2020
    HI - is this on a bank feed, ie coding a bank statement
  • Michele Petrie
    Michele Petrie Member Posts: 3
    edited May 2020
    Hi - no, they are recording a Sales Receipt
  • Bruce
    Bruce Member Posts: 439 Professional Partner Professional Partner
    edited June 2020
    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
  • Michele Petrie
    Michele Petrie Member Posts: 3
    edited May 2020
    Thanks - It doesn't give me the choice to pick NCG
  • Charley
    Charley Member Posts: 541 ✭✭✭
    edited May 2020

    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.
  • Robyn Kelly (Partner)
    Robyn Kelly (Partner) Accredited Partner Posts: 473 Accredited Partner Accredited Partner
    edited May 2020
    I have a help sheet if you'd like to email me I can send it
    robyn@robynkelly.com.au
    Regards, Robyn Kelly
  • Janine Smith
    Janine Smith Member Posts: 4
    edited May 2020
    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.

  • duke
    duke Member Posts: 1
    edited May 2020
    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
  • Jacqui Allen
    Jacqui Allen Member Posts: 238 ✭✭
    edited May 2020
    spot on Charley