Adjusting the Tax Amount in the tax column in Reckon Accounts

Legacy KB ID: 4791

Question

I have a situation where the GST on the transaction needs to be an amount that is not exactly 10%.  How can I vary the amount of tax?

 

Answer

QuickBooks contains tax codes for GST that are configured to Australian tax requirements that cover nearly all possible transactions.  Before wanting to adjust GST you should closely look at the transaction – in many cases the reason GST may not be exactly 10% is because more than one item with different tax treatments have been listed together.  The issue will be resolved by entering the items with different tax treatments separately.

There are circumstances with purchases where the GST will not be exactly 10%. 

If the issue concerns imported goods, please refer to  https://kb.reckon.com.au/issue_view.asp?ID=4791

If the issue concerns total tax calculated by QuickBooks being a small amount different to the total tax calculated by your Supplier, please refer to https://kb.reckon.com.au/issue_view.asp?ID=3628.

If you are using a 2008/09 edition of QuickBooks, see refer to https://kb.reckon.com.au/issue_view.asp?ID=309 and 310.

 

 

Detailed Instructions

Turn on the feature to edit tax

1.    Edit > Preferences > Tax > Company Preferences

2.    Click the Yes radio button for Do you want to edit tax amounts?

3.    Click OK

You can now apply a tax code and change the amount of tax.

 On your Bill or Write Cheque, enter your item for the imported goods received earlier with a net amount of 0.00. Apply the Tax Code for purchases (Accounts Business default: NCG) and manually change the Tax Amount to the amount levied, based on the Customs Office valuation of your imported goods.

You can add other charges like Customs Duty, Freight and Insurance charges here.  

When you complete these transactions you should turn off the feature to edit tax.

 

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