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Junior Member
Group: Forum Members
Last Login: 14/10/2008 4:42:52 PM
Posts: 6,
Visits: 42
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I included brokerage in the Purchase Shares Screen and used the tax code GST-PC. All the capitalised brokerage and non-refundable GST has been capitalised. And the refundable GST has been credited to GST paid. So far so good.
In the GST processing screen it shows the GST inclusive brokerage amount as the expense and the reduced GST paid as the GST amount. But they are on the same line. The system has not separated out the GST that was capitalised. Therefore there seems to be no way to calculate the correct correct GST amount in the GST report. I can either tag the whole transaction as G15 and report no GST, or I can tag the whole transaction as G11 and over report the GST.
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MySF Administrator
Group: Administrators
Last Login: 2 days ago @ 5:53:34 PM
Posts: 90,
Visits: 363
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Hi,
We will need to perform some tests and seek additional information to answer you post. We will post an answer here as soon as possible.
Regards,
MySF
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MySF Administrator
Group: Administrators
Last Login: 2 days ago @ 5:53:34 PM
Posts: 90,
Visits: 363
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Hi,
We can confirm that what you have reported is a bug in the software. We will fix it as part of an update.
In the meantime there is a workaround for this problem: if you process a transaction with GST-PC and find that the BAS calculations pick up the whole amount, not just the 75%, then you can process an adjusting transaction.
Example:
If you process a purchase with $10.00 of GST-PC on the brokerage then the BAS Statement screen will correctly show $7.50 as the GST amount. However, when you click on the "View BAS Calculations" and then click on "Process" on the next screen you will be shown a transaction that picks up all of the $10.00 as
DR 2110 GST Payable/Refundable $10.00
CR 2510 GST Paid $10.00
If you process that transaction as-is, you can then adjust it back by posting a general journal with:
DR 2510 GST Paid $2.50
CR 2110 GST Payable/Refundable $2.50
Regards,
MySF
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Junior Member
Group: Forum Members
Last Login: 14/10/2008 4:42:52 PM
Posts: 6,
Visits: 42
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| You indicated in June 07 that a fix would be issued. It is now Oct 08 and the latest version 5.0.3 still has the GST bug. Any update on when a fix will be ready?
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MySF Administrator
Group: Administrators
Last Login: Yesterday @ 8:08:32 PM
Posts: 293,
Visits: 390
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Hi,
For some reason this problem appears to have not been properly noted when it was originally posted.
That has now been corrected and this problem will be resolved soon. The corrected code will be distributed as part of an update.
Regards,
MySF
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