FIX GST
HOW DO I FIX GST ON A PURCHASE THAT SHOULD HAVE BEEN RECORDED NT
IE - NBN ACCOUNT IS SPLIT BETWEEN PERSONAL AND BUSINESS - ASSIGNED THE PERSONAL % TO THE 6-XXXXWITH GST - SHOULD HAVE BEEN ASSIGNED TO 9-XXXX AND NO GST
I WANT TO DO GJ ENTRY TO FIX BUT NOT SURE HOW TO DEBIT/CREDIT TO FIX / ADJUST THE GST
THANKS
Hi BOB_2020
Thanks for your post. If the transaction is in the current reporting period, for example Jan - March quarter, you can just open the original transaction and change the tax code to N-T for the personal amount. I tended to steer clear of general journals to correct errors as it can make a mess if you're not sure what to record.
If you need to make changes to transactions in previous reporting periods it's best to check with your accountant first as you may need to do a BAS adjustment.
Please let me know if you need further help.
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