tax code for recording personal drawings
Comments
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Hi I have always put my Private Drawings under NCI Tax Code (NON-CAP ACQ. FOR MAKING INPUT ) Just don't include it under G11 on your BAS STATEMENTS0
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Well better tell my Accountant cause Thts how he set it up 15+ year's ago n use it all the time0
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Hi Sue
Kevin is correct, NCI is for Bank Fees, Interest etc.
Kind Regards
Kim Chapman
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So I have had 3 different Accountants over 15 years n they all have done nothing0
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Hi Sue Don't be upset that your accountants have given you wrong information or no input. When GST was first introduced I used NCI for Bank Fees, Interest paid but now days I use NCF for Bank Fees as NCI and NCF both sit at G11 on the BAS form. I use NCI for Rental Property Expenses, domestic situation and INP for the Rent Received from those Rental Properties. Most definitely don't put NCI on Private Drawings, I always leave this coding blank as it has nothing to do with BAS. I think the purple software tax code everything. As a guide, 'N' codes are for expenses that appear in the Profit and Loss e.g. NCF, NCG and NCI. Private Drawings are in the Balance Sheet area. GST is still an interesting topic even 16 years down the track.
Happy coding Shirley
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That was my instinct - to leave it blank. Glad that my approach has been confirmed. The only problem is that when you run the AUDIT at the end of each month it flags all the entries with no tax codes as a problem. *sigh
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Hi Jay Why not set up this report. Go to Reports, Accountant, General Ledger, in Display tick Tax Code. Then in Header Footer under the report title call the report General Ledger with Tax Code and then memorise this report. In this report you can scroll from Bank to the very last coding in the Chart of Accounts. As you are moving through this report you often pick up mistakes clients have made in either coding or using the wrong tax code. I find by the time I have gone through this report, if you don't report inventory, your P&L and Tax Summary will usually balance to the cent. Wages and Super amounts are deducted from the expenses in the P&L as they don't have tax codes. This will eliminate *sigh Shirley
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Hi Jay Why not set up this report. Go to Reports, Accountant, General Ledger, in Display tick Tax Code. Then in Header Footer under the report title call the report General Ledger with Tax Code and then memorise this report. In this report you can scroll from Bank to the very last coding in the Chart of Accounts. As you are moving through this report you often pick up mistakes clients have made in either coding or using the wrong tax code. I find by the time I have gone through this report, if you don't report inventory, your P&L and Tax Summary will usually balance to the cent. Wages and Super amounts are deducted from the expenses in the P&L as they don't have tax codes. This will eliminate *sigh Shirley
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