Adjusting GST amount in MoneyWorks Purchase Invoice
Software: MoneyWorks accounting software
When recording a Purchase Invoice (Bill) from supplier you got a 1 cent different.
Why?
This is due to different in method of calculating GST, some accounting software is summing the GST amount for each line item, but some may be using total amount payable (excluding GST) for all line items multiply by the GST rate (such as 7%).
Besides, some systems may be either rounded up or rounded down to the nearest 1 cent, and some may simply cut off at 2 decimal places.
Here is an article from IRAS explaining the method used in calculating GST on transactions:
http://iras.gov.sg/irasHome/page04.aspx?id=826#Calculating_GST_on_invoices
MoneyWorks is using summing the GST amount for each line item method.
To adjust your GST amount in MoneyWorks, simply highlight the GST amount in the GST column and amend it accordingly.
Oops! I don’t see the GST column in my Purchase Invoice transaction screen.
By default, GST column was hid in Purchase Invoice transaction. To display the GST column in your transaction window, go to Edit menu and select Document Preferences. In the Document Preferences window, go to Data Entry tab and select Show Tax Column checkbox to allow Tax (GST) column to be displayed in the transaction windows of Payments, Receipts, Purchase Invoices and Sales Invoices.
Note: Once GST amount changed, there will be an alert message prompted:
You have just changed the GST amount for this allocation. Click “Just Beep” if you don’t want this alert to come up every time you do this
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