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GST on Purchases

Simply Accounting » Simply Accounting - User Discussion Area » General Discussion » GST on Purchases
Last post 07-29-2008 8:44 AM by tbeatrice. 4 replies.
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  • 07-25-2008 1:55 PM

    GST on Purchases

    Reply Contact
    I had to create a new company, I followed all the steps and I think I have all the set-ups right (tax section, where I added up the proper accounts where GST on sale and on purchases is supposed to be recorded). The problems is when I create my purchase invoice, the GST is not separated, and is added up to the expense/asset account. This issue does not exist with the receivable section.What am I missing? Also, when I open up my new file, it does not ask me for the session date anymore. Thanks, any help will be appreciated 

     
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  • 07-26-2008 9:09 AM In reply to

    Re: GST on Purchases

    Reply Contact

    The reason why the GST is added to the expense/asset account is because you have click NO for ''Is Refundable'. Go back to the tax settings, double click on the tax code and make sure it is 'YES' for 'Is Refundable'.

    You can turn on the session data back on by going to Settings -> User Preferences -> View (left) -> Show Change Session Date at Startup . Check it !


    Your Source to Simply Accounting Tutorials

  • 07-28-2008 5:11 PM In reply to

    Re: GST on Purchases

    Reply Contact

    Thanks, but I still have a hard time finding that setting.

     I did the following:

    Setup - Settings - Compnay - Sales Taxes - Taxes

    tax (GST); Excempt (no); Accounting to track on paid purchases (2315.....); Account to trach on sales (2310....) Report on tax (yes)....and still is not working. I went through all the settings over and over again and I cant find the "is refundable" choice....

     Please help

     

    Thanks

     

  • 07-28-2008 6:16 PM In reply to

    Re: GST on Purchases

    Reply Contact

    Go to Setup>Settings>Company>Sales Taxes>Tax Codes.  Highlight the codes in the Code column, one at a time, and click on the little magnifying glasses to open the Tax Codes Detail screen.  Is Refundable is located in the last column.  Do it for all the codes you setup that have the GST in it.  BTW in order to have the tracking take place you would have to re-post all the invoices.  In other words, the setting will work on future entries: it will not automatically fix the past ones.

  • 07-29-2008 8:44 AM In reply to

    Re: GST on Purchases

    Reply Contact

    Thanks. I finally got it.

     

     
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