Edit GST amount in Sales Invoice
Software: MoneyWorks accounting software
There are two methods of computing the GST amount. GST can be computed in either Line Item method or a Subtotal method. Line Item method is to compute the GST amount on every line item and sum up the GST amount at the end of the Sales Invoice in the Total Tax field. Subtotal method is to sum up the net amount (amount before GST) of every line item and multiply with the GST rate.
The subtotal method of computing the GST is commonly used in the manual invoicing systems (either spreadsheet or physical invoice form), as this method is easier compared to the Line Item method of computing GST.
In most of the small business accounting software, such as MoneyWorks, is computed based on the Line Item method. When transferring the invoices from a manual system to MoneyWorks, occasionally, you may have a difference in GST amount between the two systems.
How to adjust the GST amount in MoneyWorks accounting software so to match the GST amount captured in the manual system?
Go to the Edit menu of MoneyWorks and select the Document Preferences function. In the Document Preferences window, check the checkbox for “Show Tax Column” from the Data Entry tab.
Now, go back to the Sales Invoice data entry window, you will see an additional GST column revealed. You are now able to edit the GST amount in MoneyWorks as according to your manual system.
