Forum Discussion

MMM-NZ's avatar
MMM-NZ
2 years ago

GST adjustments in Essentials

Hi folks,   Forgive me if this has been asked before.  If so, could someone please point me to the answer, thanks.   I'm trying to work out how to make some GST adjustments around the purchase of...
  • jenniek's avatar
    jenniek
    2 years ago

    Hi MMM-NZ Mark,

    First of all you need to create a loan account for the loan balance in your chart of accounts.

    Then do a spend money transaction adding 4 lines.

    1st line - purchase of new vehicle inc GST

    2nd line - less trade in value in a negative amount

    3rd line - add the cost of PPSR and any application fee

    4th Line - balance goes off to loan account created.

    Amount comes back to NIL transaction total - unless you paid a deposit

     

    With the second issue - you need to again to do a NIL value spend money transaction - coding to total payments made with no GST, and then a second line with the same value in negative with the same amount inc GST. This will pay back the GST you have claimed incorrectly.

     

    Using a spend money transactions makes sure that this transaction is included on the payment basis for GST - which I'm assuming you are on.

     

    Hope this helps.

jenniek's avatar
jenniek
Ultimate Partner

Hi MMM-NZ Mark,

First of all you need to create a loan account for the loan balance in your chart of accounts.

Then do a spend money transaction adding 4 lines.

1st line - purchase of new vehicle inc GST

2nd line - less trade in value in a negative amount

3rd line - add the cost of PPSR and any application fee

4th Line - balance goes off to loan account created.

Amount comes back to NIL transaction total - unless you paid a deposit

 

With the second issue - you need to again to do a NIL value spend money transaction - coding to total payments made with no GST, and then a second line with the same value in negative with the same amount inc GST. This will pay back the GST you have claimed incorrectly.

 

Using a spend money transactions makes sure that this transaction is included on the payment basis for GST - which I'm assuming you are on.

 

Hope this helps.

Celia_B's avatar
Celia_B
MYOB Staff
2 years ago

Hi MMM-NZ,

 

We appreciate jenniek , one of our most important MYOB partners, taking the time to respond to your post on the Community Forum and assisting you with your issue. If our customers read this post and encounter the same problem, it might be a great assistance to them. 

 

If you have questions or concerns, please do not hesitate to create a new post. We are happy to assist. 

 

Kind Regards, 

Cel

 

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