Sales Reconciliation workpaper (SRC)

The Sales Reconciliation (SRC) workpaper reconciles sales reported to GST Reconciliation against sales recorded in the General Ledger. It should be prepared after GRC, ACR, and FIA, since most of its figures are derived from those workpapers.

Zero-rated supplies

Monthly, two-monthly, or six-monthly zero-rated supplies from column C of the GST Return Summary Report are populated into the corresponding rows of column C in the SRC workpaper.

Expense reimbursements

Identified from credit transactions across all expense account codes where all of the following hold:

●        Account Type is Expense, Overhead, or Direct Cost.

●        The transaction is in the credit column.

●        The GST Rate Name on the transaction is "15% GST on Income."

Where all three conditions are met, the total of the matching credit transactions is recorded as a positive figure.

Other adjustments

A manual journal posted to the sales account code triggers an adjustment here. If the journal increases the credit side of sales, the adjustment is negative; if it increases the debit side, the adjustment is positive.

●        Exclude any manual journal from this calculation if its description contains Debtor, Debtors, receivable, receivables, or Reversal.

Note: This exclusion list exists because those journals are almost always debtor-side corrections rather than genuine sales adjustments, and including them would double-count against Accounts Receivable. If a journal's description doesn't use one of these exact keywords but is clearly the same kind of debtor correction, flag it rather than including it automatically.

Other adjustment scenarios

Incorrect GST claims

●        Credit transaction under sales, GST charged in error: reversal journal shown as negative.

●        Credit transaction under sales, GST should have been charged but wasn't: GST claim journal shown as positive.

●        Debit transaction under sales, GST charged in error: reversal journal shown as positive.

●        Debit transaction under sales, GST should have been charged but wasn't: GST claim journal shown as negative.

Cash sales

Sales not recorded in the accounting books or reported in GST returns, later recorded through a manual journal. The net sales amount excluding GST is shown as negative.

Recoding from sales to another code

Where an accountant recodes an amount out of the sales code, reducing recorded sales, the net amount of that transaction is shown as positive.

Closing and opening Accounts Receivable

●        Accrual basis: both Closing and Opening Accounts Receivable show as 0.00.

●        Cash basis: Closing Accounts Receivable is auto-picked from the ACR workpaper; Opening Accounts Receivable is picked from the prior-year Trial Balance for all codes mapped to Accounts Receivable.

Net Asset Sales per Ledger

Auto-picked from the total net proceeds of fixed asset disposals in the FIA workpaper.

Net Income per Ledger

Sum of all account codes mapped to Sales in CoA Mapping.

Related workpapers

●        GST Reconciliation (GRC): primary source for this workpaper.

●        Accounts Receivable (ACR): provides Closing Accounts Receivable when the GST basis is Cash.

●        Fixed Assets (FIA): provides Net Asset Sales per Ledger.

How to access

●        Go to Jobs and open the relevant job.

●        Click the Workpapers icon or navigate to Job Results then Workpapers.

●        Select SRC on the Workpapers Dashboard.