GST on a fixed asset
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Chris_7677427
Member Posts: 16 ✭
Why cant I set up a fixed asset account with gst?
0
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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???
1 -
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!
3 -
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,
John2 -
Thanks for all the comments. I'm sure I can do whats been suggested. Thanks again!0
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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 :-)0
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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.0
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