Adding GST tax

[rocketscience]

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.

 

[stanbusk]

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.

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.

 

[rocketscience]

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.

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.

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.

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.

 

[stanbusk]

Ok, that will be added. I think it is useful only on the P&L reports and the payee statement, right?

 

[rocketscience]

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

 

[ozwest]

What a wonderful feature - I am looking forward to that, thank you very much ... Petra

 

[rocketscience]

Does this look like a plausible feature in the near future, team?

 

[stanbusk]

Yes, it is in development right now.

 

[rocketscience]

Very cool. I look forward to it!