GST on a fixed asset

Chris_7677427
Chris_7677427 Member Posts: 16
edited August 2019 in Accounts Hosted
Why cant I set up a fixed asset account with gst?

Comments

  • Toni_9025747
    Toni_9025747 Member Posts: 132
    edited August 2019
    Hi Chris
    There is no way to specify GST in the Fixed Asset Account - but when you do the purchase you can change the GST code in the Supplier Bill or the General Journal entry 

    Can you set up the GST code in your Asset Code Kevin - if so how???

  • John Gibson
    John Gibson Accredited Partner Posts: 47 Accredited Partner Accredited Partner
    edited December 2018
    Easy 'work-around' - go to Chart of Accounts, create (if new) the account as an 'Expense' type, allocate the correct GST code (GST or CAG) and save the account. Then Edit and convert the account to Fixed Asset.
    If it is already an existing Fixed Asset account, convert it to Expense type, add code, then convert it back to Fixed Asset (cannot be a sub-account when you do this). - as to why it is not possible to add code as a 'Fixed Asset' type.........no idea - but this works every time!

  • John G
    John G Reckon Staff Posts: 1,570 Reckon Staff
    edited June 2018
    Hello chris,

    Reckon Accounts does not allow you to assign a Tax Code to the setup of an Asset type item, like you can with Expense and Income item types.  You will need to attach the Tax Code to the Transaction - either in Write Cheque or Bills.  

    In General Journals, you are asked for a Tax item - in the default Tax Items/Codes, the Tax Item code is the same as a Tax Code code, but if you are using customised Tax Codes and Tax Items, they may be different.  


    Hope this helps.


    regards,
    John
  • Chris_7677427
    Chris_7677427 Member Posts: 16
    edited June 2018
    Thanks for all the comments. I'm sure I can do whats been suggested. Thanks again!
  • Toni_9025747
    Toni_9025747 Member Posts: 132
    edited June 2018
    Didn't know that - but must have done it at some stage as 1 of my assets has an  S (which is Standard in NZ) beside it in the COA's wondered how that happened :-)
  • Toni_9025747
    Toni_9025747 Member Posts: 132
    edited June 2018
    What exactly do you want me to explain??- you can't set up GST in the "Fixed Asset"Card/Account which is what Chris was asking. 
    And yes Journals can be used to bring in Assets - maybe not "needed" but can still be done.