Entering Transactions with GST

ImageHave you noticed that on your business vehicle registration notices the GST portion does not equate to a nice neat 11% of the GST inclusive total?  If the total payable for 12 months is $842 including GST, the GST portion is only $43.16 – not $75.18 as you might expect.  This is due to the inclusion of stamp duty.

Telstra bills are similar – but it is trickier to spot because they do not give you the GST amount listed clearly on the bill.  It is easily overlooked.  Insurance bills also need to be checked carefully.

As a consequence, you may need to enter some non-GST portions to these bills to get your GST to equal what the organisations are charging you.

Just a small thing – I know.  And it does mean your bookkeeping takes a little longer. However, once you are aware of what to look for and have entered a few bills it isn’t too hard at all.

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