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Reckon / Quickbooks – Constructing General Journals – ensure you use the tax codes carefully

images/ReckonLogo2016.JPGWhen constructing  a general journal (GJ), (> Company at top menu > Make General Journal Entries) you may have seen that tax codes can be directly assigned to the lines. It is usually easier to work on either the tax included or tax free amount as you prefer, so either have the lower left box ticked on or off, and ensure you use the correct tax code for the transaction type – eg sale GST or FRE or for expense NCG of NCF).

As an example if you were to entering a general journal of and expense paid personally:

Debit Expense 770.00 with NCG (will generate GST Paid of 70.00 in the Tax Amount Column), and Credit Director Loan Account for 770.00;

The Tax Agent (in the Name column) may be automatically associated with the tax account (GST Payable account) as according to your tax (GST) settings in Preferences form the Edit menu.

But note that GJs can also be used for ADJUSTMENTS to tax accounts (but with NO Tax Code), because the transaction will not usually be included in Tax Code Detail and Summary Reports, as these reports gather data from anywhere a Tax Code is used, not when an amount is allocated to the account.

As always, ask your tax agent or BAS agent, or ours!

Need help? Not sure? Call for FREE 30min advice / strategy session today! Aus +61 407 361 596

and also get Free “Avoid these GST mistakes” – there’s 18 that the Tax Office see regularly – get them right!

Search for info you need in the box towards the top right, Call for FREE 30min advice or click for the list for MORE articles.

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Accounting Software Australia, MYOB, Quickbooks, accounts software, bookkeeping software
Accounting Software Australia, MYOB, Quickbooks, accounts software, bookkeeping software
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