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  #1  
Old 02-03-2015, 08:21 PM
Merlin101 Merlin101 is offline
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Capital Expense

Hi all

Last BAS quarter we purchased an item of equipment for $15,075 ex GST. I neglected to change the tax code to CAP, so it was entered as NCG. Then of course I realised the error while doing the next BAS. How do I rectify this in QB? Please help!

Last edited by Merlin101; 02-03-2015 at 08:23 PM.
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Old 03-07-2015, 08:40 AM
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LauraD LauraD is offline
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I am not in Australia, nor do I know the ramifications of this suggestion, but here is a thought:

Enter a check, dated in whichever quarter you need to see the corrected amounts. (No vendor needed)
On the first expense line, put the capital account with the correct tax code and the original amount.
On the next expense line, put the same capital account with the incorrect (original) tax code and minus the original amount.
This will give you a zero check and adjust the tax codes (I am quite sure).

Does this give you what you need?

Laura D
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Old 03-09-2015, 01:15 AM
Merlin101 Merlin101 is offline
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Smile

Thank you, thank you, thank you so much for responding Laura D! it sounds good to me. I'll look at this tomorrow.
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Old 03-09-2015, 05:38 AM
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LauraD LauraD is offline
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You are very welcome, Merlin101.

Do post back with your findings/results.

Thanks. Laura D
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Recommending Qbox: http://bit.do/qbox-98
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