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khasick
Level 1
posted
‎November 10, 2022 05:41 PM
last updated ‎November 09, 2022 10:41 PM

How to adjust a GST refund in QB that was lodged with ATO for a $1 more due to rounding up by client. Can we adjust the QB Journal Entry for the BAS in BAS roundoff etc

If we cant do the above do we pay BAS with a clearing account and do a new adjusting journal entry to what accounts?
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1 Comment 1
IntuitSheila
Level 8
‎November 10, 2022 06:07 PM

How to adjust a GST refund in QB that was lodged with ATO for a $1 more due to rounding up by client. Can we adjust the QB Journal Entry for the BAS in BAS roundoff etc

Hi khasick,

 

Thanks for posting in the Community!

 

QuickBooks Online can only round up and down your GST total amount to its nearest dollar and up to 2 decimals. The 2-decimal rounding takes place in the amount fields. In order for the amount field to show a 2-decimal figure correctly, it is by design that the precision/calculation needs to happen in the Rate field. Therefore some situations customers can see the Rate field has a figure with more than 2 decimals. We understand that this may cause inconvenience. While this is by design, we have raised the situation to our Product Team for future enhancement.

 

With regard to editing the BAS journal, I'd recommend consulting your accountant in this process to avoid messing up your books and BAS in QuickBooks Online.

 

Post again in the Community if you have more questions. The team is here to help you!

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