Recording overseas purchases

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  • Updated 8 months ago
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We have a small gym and have recently purchased a small amount of stock items from overseas (paid using PayPal), we do not use a Customs Agent.   At this stage we do not have POS availability in Reckon Hosted (using another provider).   How do I record the transaction for purchase of stock and freight costs to allow for the 10% GST levy on the landed cost of goods & payable to ATO please?   Anne
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Posted 8 months ago

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Diver Dave

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Just record it manually, as any other transaction, once you know the final A$ amount paid, Anne.  Use a Split Transaction if you want to itemize individual amounts within the total.
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Kevin Russell, Accredited Partner

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To whom did you pay the GST? It wasnt the vendor. Just record it as a payment to the customs agent assuming you actually paid GST. I buy stufff overseas all the time and I have never paid GST ever
Hi Kevin, I have not paid any GST at this time and we did not use a customs agent. We purchased direct from and paid direct to supplier.
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Kevin Russell, Accredited Partner

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Then you did not pay GST. QED
Hi Kevin
No GST paid, goods only purchased recently.  We are going to purchase a few small stock items from time to time and I just don't want to do the wrong thing if GST is payable on the Aust$ for landed goods. 
Also, please excuse my ignorance but I don't know what the QED in your reply stands for.
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Kevin Russell, Accredited Partner

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Elisha its latin for quod erat demonstrandum. I dont know what they teach in school these days.