The discussion at our last two Coffee Club has been around introducing two new GST Codes for implementation into our work standards.
- NTI - No Tax Invoice, and
- QUE - Query
Let's talk about NTI first - this code is to bring to the attention of the person reconciling and completing the BAS statement that the invoices that have NTI attached to them have No Tax Invoice sighted. Whilst I feel that this is a great idea, after recent experiences I feel that many Bookkeepers would neglect reporting this on the BAS. What are your thoughts? Can I add that many Bookkeepers still don't know the value of GNR in their coding, so is another code going to muddle them even more?
QUE - this is very similar to the Suspense Account, and I personally love this code, it means to me that when you printout or view your GST detailed report you can see that there are items that need to be dealt with. Although in saying that I am a stickler on reading the Balance Sheet and hence the suspense account (which I make a reconciling account) brings to my attention that there are issues with the work.
What are you thoughts?
We would love to hear from all of you, this is important if we wish to lobby this with our members and database to implement. Many thanks Julie Ferguson
I use NTI (No Tax Invoice) when I know the suppler, have checked the ABN & GST Status of the supplier but also know that the supplier is very slow in delivering their invoices to my client. The GST Code Ledger each quarter is a great tool for me to manage Tax Invoices and becomes an excellent working paper that I take into next quarter. QUE is similar but these are for transactions that I have no idea what they are. Again, these queries need to carried forward to the next quarter until June 30th when a decision is made regarding these unknowns by the client and their Tax Accountant. Sue Hart
ReplyDeleteI always have the top of my expenses 6-0001 (in MYOB)as Questions or problems with the tax code N-T.
ReplyDeleteI figure that if a client is going to check only 1 report - the P & L is it! so this will show up the most. It is also likely to been seen by the accountant too. I always check the YTD P & L for strange amounts - so it sticks out for me too.