Sales Tax Report and Tax Transactions balance

robertstamrobertstam Member Posts: 1

I have one Sales Tax called Goods and Services Tax at 15.00%. If I run a Sales tax Report for the entire period that I have been in business 01/04/2015 to 28/02/2020 (NZ date format ddmmyyy) I have an Ending Balance of 5213.91

Drilling into the GST transaction and expanding the range to match the Sales tax Report of 01/04/2015 to 28/02/2020 (NZ date format ddmmyyy), I have an Ending Balance of 4057.23.

Both of these are using Cash and Cash Equivalents.
There are no outstanding invoices or payments.

Should these not line up?
I wonder if something happened when Wave moved from the GST Payable and Receivable accounts to the merged GST account.



Comments

  • JoeBeanCounterJoeBeanCounter Member Posts: 1

    They probably should line up. I have the same issue and discovered that the Sales Tax Report is incorrect. I booked a lease payment which is fully subject to sales tax but there are two parts to the payment; interest and principal payment. The G/L was updated correctly but the Sales Tax Report categorized the principal portion as sales rather than payment towards a liability and sales tax charged rather than paid. The Sales Tax Report is unreliable but being a summary report only it is useless for any tax authority reporting anyway.

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