Prepare GST Return: Rounding calculation

Can we please be advised on the forum what the problem is - I am not aware of any issues.

Yep - apparently the GST return function calculates GST line by line rather than from the subtotal of each invoice or bill/spend money. This results in lots of rounding errors. The end result is that the GST paid and GST collected amounts are out. I noticed the problem when using this function for the first time (recently upgraded to AccountRight Standard 2013, latest version 2013.5) and reconciled it with manual method of GST calculation and with the MYOB GST reports (which calculate correctly). Tech supportcouldn't figure it out when I asked and escalated it to the next level who eventually identified the fault and have put through to development team for a fix, who knows when...

In the meantime I am completing my GST returns using the GST Summary – payments report (GST inclusive).

Hello Rachelle,

Could you please explain what you are referring to when you say the GST Return function?

what exactly are you trying to do?

As I understand it the GST should be calculated line by line on an invoice and not by the invoice total. When a BAS is submitted you are only reporting in whole dollars any way so the odd cents do not matter at all.

cheers

David

Hi David,

Prepare GST returns is in the NZ version of MYOB - similar to BAS but not the same.

I too agree that the GST should calculate line by line - and there has always been rounding issues with the total Sales and total purchases.

Hello Jennie,

Many thanks for that clarification. My comment of course referred to the GST regieme in Oz.

cheers

David

Thanks Dan for the clarification.

What version number is the next update you refer to?

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by Dan_Moulton on ‎23-01-2014 08:21 AM

We have fixed this defect and it will be included in the next update. To clarify the issue there were some situations where the GST Return on a Cash Payments basis was incorrectly rounding GST on the line and again on the total meaning the Return and the Detail reports differed by small amounts. The issue was only occuring with Invoices which had partial payments and when reporting on Payments basis.

 

 

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