Tag Archives: GST

Show Tax column in invoice transaction

Software: MoneyWorks #accounting software
By default, MoneyWorks does not show the tax column in transactions windows such as Sales Invoice and Purchase Invoice. When recording a transaction, you just need to select the tax code and let MoneyWorks do the tax calculation automatically.

However, due to rounding differences, the GST amount on the bill you received may be different from your entry. To adjust the GST amount, you need to turn on the “Show Tax Column” from the Document Preferences, then amend the tax amount in the transaction according to the bill received.

show-tax-column

You will get a warning message that the GST report contains anomalous transactions if there is any incorrect GST amount for the tax code.

QuickBooks – File Tax Return

Software: Intuit #QuickBooks desktop #accounting software

You have to File Tax Return after the GST cycle. File Tax Return is a QuickBooks internal process, which contra the GST Input and GST Output account and transfer the balances to the Receivable or Payable account. It is not a process of filing tax with the Comptroller of Goods and Services Tax. The filing of Form 5 online still has to do it manually at the Tax portal.

Assuming as at last GST Cycle, you have $22,475.82 in Tax on Sales (GST Output) and $13,319.45 in Tax on Purchase (GST Input). When you are ready to file GST, you click the “File Tax Return” button at the top of the Tax Detail Report to start the file tax process. You have an option of using the default Accounts Receivable or Accounts Payable account or create a separate account to capture the net GST claimable or payable amount. After the file tax process, QuickBooks automatically record a General Journal to reclassify the balances from the GST Input and GST Output account to the Receivable or Payable account. For the above example, it debits GST Output 22,475.82, credit GST Input 13,319.45 and Accounts Payable of 9,156.37.

File Tax Return

After reclassification, both GST Input and GST Output has a zero balance and will remove from the Balance Sheet report. You can find the net GST claimable or payable for the quarter in the Accounts Receivable or Accounts Payable ageing report. Then, use a Receive Payment transaction to record the refund received or a Pay Bill transaction to record the payment made to the Comptroller of GST.

How to remove the GST Summary from an invoice?

Software: #QuickBooks #accounting software

Although you have designed the invoice template with the Subtotal, Tax Total (GST) and Invoice Total fields at the form footer, the GST Summary (Sales Tax Summary) is still automatically shown after the last item.

The GST Summary consists of the tax rate and tax amount. For those users who have multiple tax codes in one invoice may prefer to have the GST Summary printed.

If you prefer to have a GST Summary separately show as a field by itself instead of after the last item, you can add it from the Footer tab (check the Sales Tax Summary checkbox) of the template designer.

GST Summary

For users who have preset the GST Rate at the footer (If you only have one tax rate on each invoice) may prefer not to show the GST Summary field as it seems like a duplicated information. Showing the tax summary on the invoice is mandatory in QuickBooks, either shows it after the last item or as a field by itself. Since you can’t remove it, you may consider to “hide” the GST Summary field if you have preset the tax rate in the field label of the tax amount. To hide it, you move the GST Summary field (make it smaller) to the side of the form and remove the borders and change the text colour to white. Although the GST Summary field is “printed” on the form, it is “white” in colour and will not be seen on the printout.