Hi there, Accounts623.
The values on the GST F5 report are automatically calculated based on the transactions you've recorded in the system. To adjust the amount in Box 3 from $680.79 to $0, let's locate and correct the transactions that are incorrectly contributing to that total.
First, run the GST Detail report to review the transactions contributing to Box 3 and identify any transactions incorrectly categorized.
Once you have identified the transactions, let's manually correct them and use the correct GST code.
Here's how:
- Go to the Sales or Expenses menu from the left panel.
- Locate and open the transaction (e.g., the invoice or sales receipt).
- On the transaction line item, find the GST column and change the tax code.
- If the supply is a zero-rated one (e.g., an international sale of goods), change the tax code to "ZR" (Zero-Rated).
- Save the changes to the transaction.
After correcting the transactions, regenerate the GST F5 Summary report to ensure that Box 3 reflects the correct value.
For accurate reporting and compliance with Singapore's GST rules, we recommend consulting with an accountant or tax professional. They can assist in reviewing your transactions to ensure they are categorized correctly and aligned with local tax requirements.
If you have any further questions or require additional assistance, please add a comment below. We are here to help.
