[Improvement] Finance | Applying GST to credit note amounts

[Improvement] Finance | Applying GST to credit note amounts

Release Date: 17 July 2020

Credit Notes in Prism have now been upgraded to better manage how GST is applied.

Previously, GST was only applied to credit notes for GST-registered owners. This works perfectly well if you receive prizemoney on behalf of owners and then credit their account. Any GST grossed-up prizemoney you receive for GST-registered owners, is accounted for on the credit note for only those GST-registered owners.

However, in the case of other credit notes such as refunds, incorrect charges or other reasons, the GST amount may need to be applied to all owners.

In the Add Credit Note entry screen, you can now choose to apply GST on the credit amounts only to GST-registered owners - ideal for prizemoney credits. Or you can apply GST to the credit amounts for all owners.



Note that you do need to add in the correct taxation - GST inclusive or GST exclusive - when entering the credit amount.

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