This article is for users who need to make a GST correction after a clerical error is made on entering a transaction.
The error may be found by yourself when you are reviewing your information or your accountant may make you aware of the error and ask you to correct it.
The GST can be corrected in two ways:
- Non-cash adjustment (adjustment to be made without using a transaction).
- Non-cash adjustments should only be used when there is a change in the proportion of personal or private use of an item you have claimed in a previous BAS period.
- GST correction (adjustment by changing a transaction).
- This will make a correction on your next open GST period.
- A GST correction should be used when you have mistakenly recorded a transaction with the incorrect GST category in a past period.
Once the adjustments have been made, you can view the GST corrections.
There are two types of adjustments that can be made:
- Increasing adjustments – these are made when you are increasing the amount of GST you need to remit to the ATO.
- Decreasing adjustments – these are made when you are reducing the amount of GST you need to remit to the ATO.
We recommend you consult your accountant prior to using either of these options.
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