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rocketscience
Joined: 22 Apr 2009
Posts: 9
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 Posted: Wed Apr 22, 2009 2:12 am Post subject: Adding GST tax |
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I am going to start adding tax to transactions as we recently got a GST number. I don't really want to add a second transaction for every transaction we make – it sounds incredibly labourious – so I'd like to use the "Taxes" field.
I've done a little testing, and it seems to work quite well. If I add a transaction of $1.05 with a "Taxes" value of $.05, I get a breakdown into Gross, Taxes, and Total.
A percentage value for adding & collecting tax would obviously be very valuable, but for paying tax this approach seems to work.
My question is: Is there a way that I can pull the taxes out of the transactions for a report? For tax purposes I need to be able to generate a Profit & Loss statement that separates the taxes from the net amount paid. |
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stanbusk
Site Admin
Joined: 28 Dec 2005
Posts: 4439
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| Posted: Wed Apr 22, 2009 3:38 pm Post subject: |
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| Quote: | | A percentage value for adding & collecting tax would obviously be very valuable, but for paying tax this approach seems to work. |
I think we will add a tax manager in a future version. A way to define tax types and to assign them to given accounts so the tax field would be filled automatically. I guess it is what you are looking for.
| Quote: | | My question is: Is there a way that I can pull the taxes out of the transactions for a report? For tax purposes I need to be able to generate a Profit & Loss statement that separates the taxes from the net amount paid. |
Not at this time but it will be added as well. I guess what you want is the possibility to perform given report with net amounts. |
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rocketscience
Joined: 22 Apr 2009
Posts: 9
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| Posted: Wed Apr 22, 2009 5:15 pm Post subject: |
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| Quote: |
I think we will add a tax manager in a future version. A way to define tax types and to assign them to given accounts so the tax field would be filled automatically. I guess it is what you are looking for.
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That would be invaluable. The ability to create and name a tax on a percentage basis and then select it and apply it to transactions would really help.
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Not at this time but it will be added as well. I guess what you want is the possibility to perform given report with net amounts.
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Yes. The accountant wants to see all the tax that we have paid, and all the untaxed totals that we have paid. The only way to do this now is adding a second transaction for each – which would result in literally thousands of transactions, and would make reconciliation much more labour-intensive. The ability to exclude tax on reports might be a good solution. |
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stanbusk
Site Admin
Joined: 28 Dec 2005
Posts: 4439
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| Posted: Thu Apr 23, 2009 9:56 am Post subject: |
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| Ok, that will be added. I think it is useful only on the P&L reports and the payee statement, right? |
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rocketscience
Joined: 22 Apr 2009
Posts: 9
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| Posted: Thu Apr 23, 2009 6:48 pm Post subject: |
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Fantastic. Those are the valuable places for us. If the taxes were split out into a separate section, the P&L sheet would still balance with all other account statements.
You guys rock, as ever.
- Ian |
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ozwest
Joined: 23 May 2008
Posts: 6
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| Posted: Mon Jul 13, 2009 6:18 am Post subject: |
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| What a wonderful feature - I am looking forward to that, thank you very much ... Petra |
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rocketscience
Joined: 22 Apr 2009
Posts: 9
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| Posted: Fri Oct 30, 2009 6:01 pm Post subject: |
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| Does this look like a plausible feature in the near future, team? |
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stanbusk
Site Admin
Joined: 28 Dec 2005
Posts: 4439
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| Posted: Fri Oct 30, 2009 6:05 pm Post subject: |
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| Yes, it is in development right now. |
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rocketscience
Joined: 22 Apr 2009
Posts: 9
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| Posted: Fri Oct 30, 2009 6:09 pm Post subject: |
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| Very cool. I look forward to it! |
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