MoneyWorks

Requirements

GST F5 report in MoneyWorks 8.1.2 or later

Setup

1. Create a All GST tax code
2. Create a GST tax code called CAG to be used with prescribed items for customer accounting
3. Create a general ledger code called GST Adjustment, assign it to ALL tax code and create an item also called GST_ADJ and code the Purchase (tick We buy it) account to GST Adjustment general ledger

Data Entry – Creating purchase invoice or payment By Item

1. Enter the prescribed item as normal (including tax etc) replace the tax code to CAG (instead of G)
2. Enter another item called GST_ADJ (created during setup) the tax code will automatically be ALL.
3. Enter the negative tax amount (from the Suppliers invoice) into the tax column
    
   
4. The invoice will have the payable amount of $10000 (from the attached image), and tax adjustment for the prescribed item of $700 (which is to be reported by the customer on behalf of supplier)
5. Run GST report
    
   
6. Run F5 Guide (updated)
    
   
7. The net amount payable to IRD will be zero

If you are going to claim input tax on only the partial amount of the GST, then instead of -$700, you need to enter the amount you will be claiming back from IRAS, for eg. -$500 in the tax column of the invoice entry window.