The 'Manage Commercial Property GST' feature within Invoice Automate allows you to seamlessly handle GST calculations specifically for commercial properties when owners are registered for GST. This ensures accurate invoicing by clearly identifying GST amounts without duplication, making it simpler for you to maintain compliance and financial accuracy.
Previously, when creating tenancy invoices for commercial properties with GST-registered owners, GST calculations could inadvertently double, causing inaccuracies in tenant invoicing and subsequent financial reporting. This feature rectifies this issue by isolating the Owner's GST calculation from any Service Account GST, ensuring precise and transparent invoice amounts, ultimately enhancing financial accuracy and compliance.
Feature Overview:
Accurately calculates and displays GST for commercial properties with GST-registered owners.
Step-by-Step Guide:
Log in to Invoice Automate.
Navigate to the invoice creation section.
Select a commercial property with a GST-registered owner.
Generate the tenancy invoice.
Verify the GST amount reflects only Owner GST, excluding Service Account GST.
Edit invoice amounts if necessary and save your changes.
Approve the invoice for automatic syncing with Property Tree.
Best Practices:
Always confirm the GST registration status of the property owner before creating invoices.
Regularly review invoice details for accuracy, particularly GST amounts.
Ensure your Property Tree integration is active and updated for smooth invoice syncing.
FAQs & Troubleshooting:
Q: What should I do if the GST amount appears incorrect?
A: Verify the owner’s GST registration status and the property type. Adjust invoice details if required and re-save the invoice.
Q: How do I edit an already approved invoice?
A: Reopen the invoice within Invoice Automate, make necessary adjustments, save, and reapprove for syncing.
Additional Notes:
This feature specifically targets commercial properties where the owner is registered for GST, ensuring compliance and simplifying GST management across your property portfolio.