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Settings/GST

As I am registered for GST for my professional holdings, unless I manually adjust each holding, my reports will include GST and thus this stops me signing up for a professional package. Suggested solution would be to have a option in the settings to include or exclude GST (on brokerage) when the contract note is received in Sharesight.
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  • Hi Nick,

    Thanks for you feedback on this.

    As we not trying to offer a full accounting solution (the Xero integration is perfect for this and is great for GST), we decided that the simplest approach was to allow you to enter the brokerage amount including or excluding GST as you prefer.

    Obviously this doesn't work so well for the contract note import as the brokerage will always include GST, so you would need to edit the GST amount in this case.

    An workaround alternative may be to import your trades periodically via csv file as this would allow you to select the pre GST amount (if included in the file) or modify the brokerage amounts in Excel before you import.
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  • I agree with Scott's recommendation to integrate Sharesight with Xero. It makes the accounting side of running a portfolio much easier and allows for a lot of customisation to suit your particular needs.

    In the Xero settings in Sharesight you can carve out brokerage costs and send them to an expense code such as brokerage costs rather than adding them to your share cost base. If you are a professional trader this is something you would want to do. With this setting it then becomes very easy to separate our the GST in Xero and track it for your GST reporting.

    Andrew Bird
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  • Hi, the real problem for me here is that sharesight extracts the brokerage cost pre-GST. So when I try and reconcile within Xero, the figures are always out by the 10% cost of brokerage. This may prove to make what is otherwise a great system impractical because of the manual work involved in correcting this trade by trade.
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  • Martin,

    This sounds like the GST codes need tweaking in Xero. You shroud be able to set the treatment of GST in the invoice or the transaction. What settings are you using in Xero?
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