Processing a GST-only transaction

Legacy KB ID: 4261

Question

How do I enter a transaction for just the GST amount in Reckon Accounts so that my Tax Reports and BAS are correct?

Answer

To correctly affect the tax registers so that Tax Reports and the BAS are correct in Reckon Accounts, you must add a tax code to a genuine transaction.  A simple General Journal entry to the Tax Payable account will not be reflected in Tax Reports and the BAS.

Normally, Reckon Accounts will calculate the GST at predefined rates.  In Tax Preference Settings you have an option to manually change the tax amount on an item on a purchase-side transaction.  You cannot change the tax amount on a sales side transaction.  Using this preference setting you can enter a transaction for a GST only amount. 

 

Detailed Instructions

  1. Edit > Preferences > Tax > Company Preferences
  2. Click on YES for Do you want to edit tax amounts?
  3. Click OK to save and close.
  4. Open a transaction entry form (Bill, Write Cheque, General Journal)
  5. Select an appropriate item or expense account, enter an amount of 0.00, select the tax code and change the tax amount to the required amount.
  6. Click Save and Close.
  7. When all transactions are complete reset the tax preference to NO for Do you want to edit tax amounts?


    Need more help?
    Ask the Reckon Community at: https://community.reckon.com/
    Or Log a Support Ticket: https://www.reckon.com/au/support/

 

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