GST - Chart Details & Transaction Entry warnings

I’ve just re-processed a Fund who developed, subdivided & then sold the newly created vacant land parcel partitioned from the original Residential purchase. We have new staff using Simplefund, and there are few warnings about reasonableness for data entry that could be worth incorporating into the program: -

  • Unfortunately user error occurred when initial data entry / coding was entered incorrectly to the Chart item “Residential Property” (when it should of been non-residential), but the Chart set up allows GST codes to be used for the Residential Chart item (which is input taxed) - without a warning;
    *The GST related capital expenditure entries were then re-coded to Non-Residential, but in processing the sale of this land, Simplefund added the GST to the sale price (contrary to the way it treats expense items) which then distorted the Capital Gains Reports (I ended up processing the sale for the net of GST amount and allocating a separate transaction line entry for 84000 - but this then doesn’t pick up all the details on the Activity preparation report for Capital Sales;
  • When Checking the Activity Preparation report, I also found evidence of user error amongst the Pension Payment Transactions - they were entered as GST Free despite the chart showing “Not Applicable” against GST Rate… I would have thought the system would not accept such data entry or atleast provide a warning of the possible error - perhaps ‘entering GST free will include these entry on BAS Reports - do you want to continue?’

Just a few ideas that have resulted from a rather frustrating experience with the data entry of this fund :slight_smile:

The 38200 Fines account used to be a deductible expense until BGL finally fixed it 2 weeks ago - you had to manually update the settings to make sure it was non-deductible for every fund processed with fines.