How do I clear the roundings in the GST account?
GST is normally paid or received in cents. But when reporting to the ATO, it will be rounded to dollars. This article will show you how to reconcile the residual rounding balance in the GST account.
Navigate to Fund Level > Report > Statement of Financial Position
- Check the residual balance in the GST account, normally it is under $1
Navigate to Fund Level > Transactions > Fund expense > Fund General Expense
- Select Non-Deductible Expense from the drop-down list
- Enter Fee Date as at 30 June
- Enter the amount of the residual balance into Gross Amount
- Click on Submit
Navigate to Fund Level > Transactions > Investment - buy > GST Paid or Investment - Sell > GST Received
- Create Business Event to clear up the GST account balance.
A Custom Holding Account will be used as a vehicle to carry the balance in this event.