GST-inclusive prices

Software: MoneyWorks #accounting software

The default setting of an item’s unit price in MoneyWorks is Tax-exclusive. For example, if $100 is the unit price, the tax will be $7 (7% GST on $100).

As stated in the IRAS e-Tax Guide “GST: Guide for Retailers”, you must show GST-inclusive prices on all your price displays to the public. As a retailer, to simplify the data entry, you can change the unit price of an item in MoneyWorks to be inclusive of tax.

The GST-inclusive price setting is under the selling info tab of an item, change the GST setting from “Tax Excl” to “Tax Incl” if you prefer to have GST-inclusive. For example, if you set the item selling price as $80.50 inclusive of GST, it will print as taxable amount $75.23 and GST $5.27.

amount-include-tax

 

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