entering a whole gst amount

Stephen Dyball
Stephen Dyball Member Posts: 1
edited January 2020 in Reckon Accounts (Desktop)
I have paid a bulk amount of gst for lease of a car.  How do I enter this into QB and override the automatic 10% calculation??

Comments

  • Janelle Knight
    Janelle Knight Member Posts: 42
    edited January 2019
    Hi Stephen,
    We have similar situation when we pay GST upon imported goods.
    On the bill/cheque or journal whatever, make sure the check box (GST included) is unchecked, then I select the expense/capital item I want, enter the net amount, for example, if I have paid GST of say $100 I would enter the net amount of $1000 into the line item selecting CAG or NCG whichever is applicable, and reckon would calculate the GST portion as being $100.    On the next line down you enter the same expense/capital item and change the GST code to either CAF or NCF and enter a negative amount of $1000.00.   Therefore it should show a positive and negative entry for that chart of accounts item, but should show the $100 in the GST column.  
    Hope this helps.
    Janelle
  • Charley
    Charley Member Posts: 541 ✭✭✭
    edited January 2020

    Stephen, it is only on a chattels mortgage that you can claim the full GST on a car because effectively you've paid the full amount by taking out a loan and any repayments are then off the loan.

    With a lease, according to ATO GST Ruling Division 156, each periodic component of the lease payment is treated as a separate supply. That means you can only take 1/11 from each payment. It doesn't matter that the Lease Company calls it all GST or not, you can only take 1/11.

    Telstra used to do this with White Pages contracts and try and get us to pay all the GST up front but because most of us are only small entities the ATO only allows us to claim 1/11 of each payment. It all works out in the end. They don't do it anymore thankfully.

  • Benjamin Bravenboer
    Benjamin Bravenboer Member Posts: 1
    edited July 2016
    I had just the same problem and after many hours talking on an Indian "technical help" line they finally told me that there is a setting where you can get more control of your GST figures input.

    In Reckon Accounts Plus 2016 you can Click EDIT, then PREFERENCES, click TAX at the bottom, then COMPANY PREFERENCES, second down should be DO YOU WANT TO EDIT TAX AMOUNTS. Make sure that is checked YES

    With that checked you can change the GST component to something other than 10%, using your regular tax codes like NCG.

    So say you are entering an invoice into your cheque account...be sure to set the NET AMT , TAX AMT, and TAX CODE parameters correctly. You may need to type in your NET AMT and TAX AMT figures to override NCG wanting to do 10%. When they balance with the Gross Amount at the top, it should go through. But you've got to tell it! Might help to have your AMOUNTS INCLUDE TAX box Unchecked, too.

    Hope that helps.
    .