tax detail report

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Anne_10498457
Anne_10498457 Member Posts: 2 ✭
edited May 2020 in Accounts Hosted
When running the tax detail report (cash tax), some invoiced items (income) are shown as negative inputs (purchases) rather than outputs (sales). The items are set up as Service and some are ticked to indicate they are used in assemblies or performed by a subcontractor or supplier but not all are. I've checked that the tax codes are correct but am still not sure why this is happening. Can anyone help please?

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  • Acctd4
    Acctd4 Accredited Partner Posts: 3,408 Reckon Accounts Hosted Expert Reckon Accounts Hosted Expert
    edited May 2020
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    Hi Anne

     

    This often happens on a Cash basis as a result of negative lines on an invoice/sales receipt &/or part payment allocations.  You may even see a GST amount higher than its line value!

    It’s because the program is trying to make the total transactional breakdown fit into the 10%-component-for-GST formula.

     

    I find the most accurate report for BAS is the Tax Summary report which shows all income & expense totals by tax code. 

    I modify this for the last month/quarter (as applicable), remove cents, display in Gross & eliminate unused tax codes then Memorise it in its own “BAS Reports” Group.  I do also use modified versions of the Tax Detail reports, just as another cross reference - particularly to view any transactions with the wrong tax code! - however I rely on the Tax Code Summary for accuracy.

     

    TIP: The Payroll Summary set to last month/quarter & modified to show Total only column, for All Employee Payroll Items & with cents removed, is also a good one for W1/W2 (monthly or quarterly PAYGW reporting)

     

    Shaz Hughes Dip(Fin) ACQ NSW, MICB

    Reckon Accredited Professional Partner Bookkeeper / Registered BAS Agent (No: 92314 015)

    Accounted 4 Bookkeeping Services

    Ballajura, WA

    0422 886 003

    shazinoz2@bigpond.com

    www.accounted4bs.com


    Shaz Hughes Dip(Fin) ACQ NSW, MICB

    *** Reckon Accredited Partner (AP) Bookkeeper - specialising EXCLUSIVELY in Reckon Accounts / Hosted ! ***

    * Regd BAS Agent (No: 92314 015)* ICB-Certified Bookkeeper* Snr Seasonal Tax Consultant since 2003 *

    Accounted 4 Bookkeeping Services

    Ballajura, WA

    shaz@accounted4.com.au

    https://accounted4.com.au

    (NB: Please give my post a Like or mark as Accepted Answer if I have been able to resolve your query as this helps others when seeking solutions!)
  • Kris_Williams
    Kris_Williams Member Posts: 3,293 Reckon Accounts Hosted Expert Reckon Accounts Hosted Expert
    edited February 2020
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    Yep that’s the one I use too
  • Anne_10498457
    Anne_10498457 Member Posts: 2 ✭
    edited February 2020
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    Thanks for the comments Shaz. I also use the Tax Summary report but rely on the Tax Detail to do a check and pick up any transactions with the wrong tax code. I was hoping there was an easy way to have the detail report display correctly. I understand that part payments etc. can scew the report but not all the invoices have part payments or negative line items so it's a little frustrating. 


  • Kris_Williams
    Kris_Williams Member Posts: 3,293 Reckon Accounts Hosted Expert Reckon Accounts Hosted Expert
    edited February 2020
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    I use an itemised profit & loss and add the tax code column - memorise it as tax code check, and have used this for 20 years. Balance sheet I just use a comparison Balance sheet and look at any changes individually, usually only Assets

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