Reversing incorrectly allocated GST

Reversing incorrectly allocated GST

Reversing Incorrectly Allocated GST





Please contact your Accountant before making any adjustments

To correct a transaction with incorrectly attributed GST, in a previous BAS period:

Step 1: Find the Transaction

  1. Find the transaction from the previous BAS period with the incorrectly assigned GST and make a note of its details.

The reverse transaction needs to be completed in the current BAS period

Step 2: Entering the New Transaction

  • Click Cashbook toolbar icon or the Transactions > Cashbook/Receipts/Payments/Journals menu option.
  • Click Add button.
  • Select 'Cash Journal' as Transaction Type.
  • Ensure the Reference Number and Description of the transaction correspond correctly to the transaction of that which the GST is being reversed. 
  • Select 'Manual GST' as the GST Override option.
  • In the first dissection, enter the Gross Amount as a negative (-)   figure equal to the amount of the transaction of that which the GST is being reversed, and the GST as a negative (-).

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Step 3: Enter Second Dissection Line

  • Enter a second dissection line with the Gross Amount as a positive (+) figure equal to amount of the transaction of that which the GST is being reversed, and change the GST to 0.00.
  • Click OK to save the transaction.




Article ID 1027