Why isn't GST calculated on the transactions for the property which is registered for GST?
This can be caused by several reasons as below:
- The property has not been set up as a commercial property.
- The property has been set up as commercial property but the fund policy has not been set with a GST status of registered.
- The GST status was changed after the transactions were completed.
Check whether the property is set up as a commercial property
Navigate to Fund Level > Investments > Browse Holding Accounts
- Click on the property holding account
- Check whether the Property Type is set to 'Commercial'
- If the Property Type is "Residential", click on Edit
- From the popup screen, change the Property Type to "Commercial"
Check the GST status in Fund Policy:
Navigate to Fund Level > Settings > Fund Defaults
- Review the GST Status for a particular financial year
- If the GST status is set to 'Non-Registered', click Edit to update the GST Status accordingly
Resubmit the transactions which are related to this property:
Navigate to Fund Level > Transactions > Browse events
- Group all business events by Type
- Search for the required property transactions, for example, "Rental Statement"
- Click on this business event
- From the business event pop-up screen, click on Edit
- Click on Save as Incomplete
- Click on Submit.
The transaction should now reprocess and take the GST into consideration.