Recording GST only transactions

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  • Updated 4 months ago
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Hi All. This issue has been discussed on the forum but the answers don't seem to relate to reckon One accounts. I have to record a GST only transaction. (ie I am an importer and have paid a GST only amount to the ATO). The instructions in the forum don't seem to relate to Reckon One but probably a more advanced Reckon product. I had to pay $3095.11 as a GST payment. I assume my 2 x bill transactions should look like this

 $34 046.21  (NCG ) tax code
-$34 046.21 ( No tax code)

But it defaults to not allowing negative figures.

Any info would be great as I have to do BAS today and not sure how the transaction works.
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David Everett

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Posted 4 months ago

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Graham Boast, Accredited Partner

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Hi David

My initial thought on this would be to process this as follows:

- enter Supplier Adjustment Note for $30951.10 (10 x GST) with NO TAX CODE
- enter a Bill for $34046.21 (11 x GST) with Tax Code GST
- Make a payment and apply the Supplier Adjustment Note against the Bill

- make another payment of the remaining amount $3095.11 from your Bank Account

Here's the kicker - this process will work IF AND ONLY IF you report GST on an ACCRUAL basis. 

If you report GST on a CASH basis, this process doesn't work as it miscalculates the GST.

If you are on a cash basis, you will need to do the following:
- change the following setting via COG> settings> Tax Settings > General

Enter the bill and enter NCG in the Tax code box, then enter $3095.11 in both the Tax Box and the Amount Box 

Then make a payment.

Tax is now correct.

Note that this process also works for accrual GST.  

My final warning is that if you need to still fill in G11 on your BAS, you will need to use a 3rd method of recording 2 transactions: a bill for 34046.21 tax code NCG then a Receive Money for $30951.10 no tax code.

Graham 0409317366