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Phoenix - User Help

Method 1 - Prior Period Adjustment

Enter a deposit transaction for the refund received, and allocate the $ value to the original purchase category, selecting the “A” “Adjustment: Prior Taxable” GST rate.

For example, goods to the value of $275 were returned to a store for a refund…

The effect is to:

Take $275 off the Goods purchase category

Add a $275 prior period adjustment to G7 of the GST Calculation Sheet for the BAS form.

 

Method 2 - Net off against new purchase

Enter a transaction for the net value of the purchase and…

Allocate the new purchase as normal.

Enter the return of the taxable goods as a refund to the purchase expense category, selecting the “1” “Taxable” GST rate. Note that you don’t use the adjustment rate in this case.

For example, goods to the value of $275 were returned to a store for a refund, while purchasing additional goods to the value of $660.00

The effect is to:

Allocate a net total of $385 to the Goods purchase category

Add a net total of $385 to G11 of the GST Calculation Sheet for the BAS form.

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