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Calculate goods and services tax on prepayments in the Australian version

When a partial payment or prepayment is made, you must calculate Goods and Services Tax (GST) for that partial payment or prepayment based on the total invoice amount, instead of on a partial amount. If you account for GST on a non-cash basis, you must report and pay GST on payments during the period in which you receive partial payment or issue a tax invoice for payment.

Calculate GST on prepayments

  1. Choose the Tell Me feature icon, enter General Ledger Setup, and then choose the related link.
  2. On the Local Functionalities FastTab, select the Full GST on Prepayment checkbox to calculate GST for the total invoice amount when a prepayment invoice is posted.
  3. Choose the OK button.

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