To enter a payment that has a nonstandard GST component
Invoices that are for GST on import entry need to be handled correctly to ensure the correct amount of GST is claimed.
In the example below GST of $109.50 has been charged for import entry:
Take the GST amount and multiply by 23 | 109.50 x 23 | 2518.50 |
Divide this amount by 3 | 2518.50 / 2 | 839.50 |
Enter this amount as an expense entry against the appropriate account code (GST applicable) |
| 839.50 |
Calculate the GST exclusive amount | 838.50 * 3/23 | 109.50 |
Deduct this from | 838.50 – 109.50 | 730.00 |
Enter this amount as a negative entry to an Expense C |
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| $109.50 x 23 = $2,518.50 |
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Divide the figure about by 3 | 2518.5 / 3 |
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Enter the total amount as an expense against a code with GST | $9,000 Total A inc GST |
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Enter the total minus GST as a negative amount using an | -$8,000 Total B ex GST |
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