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title: "Reconciling GST Payable Figures"
canonical: "https://kb.myframeworks.com.au/space/PROSTIXV48DOC/31100280/Reconciling%20GST%20Payable%20Figures"
format: markdown
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GST Sales Report To  reconcile your GST payable figure, perform the following:  1.  Look at your 'detailed' (That is, 'Print Invoice Detail' = 'yes') GST sales report via menu options 'Sales Analysis' then 'GST Sales'. 2. You will notice lines of sales, credits and some figures with an * assigned to them. This should either prompt you to investigate (That is, GST amount is lower/higher than 1/11), or are purely GST free sales. 3. There will be totals at the base of each branch. For example:   4. There will be further totals after the 'end' of all the 'branches' transactions: 5. This 'branch' sales total should be the 'GST ex' value of your ' Sales Analysis ' then ' Sales Summary Reports ' then ' Analysis by Branch for Month ' report:   6. This will help you cross check your 'sales' with your GST sales report. 7. Cross checking back to your G/L account. This G/L account can be located under Company Main.   Refer to the example  b elow: 108 03/04 GST Sales 8.  Note : GST sales report shows: $858.77 as the GST total so far. The difference so far is: $30.46. 9. If you look to the 'other transactions' of the GST Sales Report you will notice a range of transactions. From bad debts, to cash receipts, to point of sale sundry receipts. The report will also show 'any' INCOME transactions with & without BAS codes, (for example, rebates received). 10. Notice the $30.46 GST amount sitting under 'GST'. Also not all transactions have BAS codes, and some don't have 'GST'. This total being $524.54 is however added to the GST ex total. Refer to the example below: Asset Transactions 11. Then again into the into the G1 Total Sales amount , see below:   GST Sales Report 12. The $10,332.06 is the 'inclusive price', so that is $9,442.83 (ex total) plus $889.23 (GST collected Amt) – see above 13. You will notice the GST free sales of $331.18 have been deducted to then give Total Taxable sales = $10,000.88. 14. Then your G7 Adjustments figure of $26,716.36 will be deducted from the Total taxable sales. This Adjustments figure can be reconciled from the Debtors Monthly Summary report via the ProStix Main Menu, select  'Accounts Receivable'  - ' Month End Processing ' then ' Monthly Summary Report ': -26,716.32 15.  Note : The example shows I actually have money owed to me, due to a larger 'adjustment' than my 'sales' total value. 16 .Looking at the total of your sales report now see below: GST Sales Report   17. If I then look at my 'GST payable' amount which is 1/11 of the G8 adjusted taxable sales = $-16,715.48 /11 = -$1,519.59. My GST collected amount is calculated from: Total GST collected from sales (initial total on report) = $858.77 Total GST collected from Sundry Rec’s & Asset Sales = $30.46 Less 1/11 of $26,716.36 = $2,428.76 Which equals = -$1,539.53 MY GENERAL LEDGER GST SALES ACCOUNT IS = -$889.23 MY GENERAL LEDGER GST ADJUSTMENT ACC IS = $2,428.76 Total therefore is: = $1,539.53 See below: 804 03/04 GST Sales Adjustments 18. The content of this account is:     The source transactions is: Adjust Customer No. : 101379 Customer Name : Fred Jacks Amount : 2,428.76 Date : 18/08/03 Reference No. : 1 G/L Acct 83201 You can do this for any of your General Ledger accounts you are unsure where the figures came from. Conclusion   My GST sales 'GST collected' amount equals my actual General Ledger GST account. My GST sales 'GST payable' amount does not equal my G/L due to Sundry receipts totalling $524.53 ex and only having $30.46 GST collected. It should have been $52.45 worth of GST, take away $30.46 (what was collected) and we are left with a $21.99 difference. The difference between GST payable on report of $1,519.59 & GST collected $1,539.53 = $19.94. Therefore the final difference which we can put to rounding is $2.05. Rounding is an issue due to our system calculating price by line & rounding it per line. Therefore 1/11 isn't always what was collected.