I am in the process of switching from a very old version of simply accounting(which has served me well for 20 years) to Manager.
In setting up accounts, I am trying to set up Gst the same as it was in simply accounting.
Under liabilities it showed up as “Gst charged on sales” first, then under that was “Gst paid on purchases” and then below that was “Total Gst owing/refund”, which was the result of subtracting “Gst paid on purchases” from Gst charged on sales.
A quick glance at The balance sheet would tell me each quarter, how much Gst i had to submit.
How do I get Manager to do the same? Obviously “Gst charged on sales” is a liability, but how do i get that account to subtract “Gst paid on Purchases” and give me a total?
Is this even possible?
thanks for your help
The tax account in manager is built in and shows the balance from “Gst charged on sales” and “Gst paid on purchases”. As far as I know there is no way to have them in separate accounts.
@novica is almost completely correct. You could force the program to show these balances separately, but only by disregarding all the built-in tax accounting. The potential for errors, both in setup and execution, would be great.
Manager’s tax scheme is offsetting. Both taxes collected and taxes paid are posted to the same account, Tax payable. The balance of that account tells you how much you owe the authority at any moment. Read this Guide: Create and use tax codes | Manager.
You can also see information about taxes in various reports in the Reports tab. These only become available after you have enabled at least one tax code.