Adjusting GST Using Detailed Audit Tax Recording Method

[COBS Tech Support]

When your transaction total does not agree with the GST, you need to issue or claim, use the following tax codes to adjust either transaction amount or the tax amount.

Example Scenario
The invoice amount is $110 but the GST you can claim is only $9 because there is $1 of stamp duty that does incur GST.

1. Assign the insurance component to $100 with a code of GST.
2. $10 GST amount will be calculated automatically.
3. Enter your stamp duty as $1 with a code of INP (input taxed).
4. Enter your insurance component again, but this time with an amount of -$1 and a GST code of ITA.

Note: All amounts assigned to line entries with a GST code of ITA will directly adjust your total tax.