Appears to have some miscalculation. 5.65 * 0.6% = 0.339. if round down should be 0.33, rather than 0.32.
No miscalculation, it’s correct.
5.65 is GST-inclusive price so in order to calculate GST, you need to use this formula:
5.65 / 106 * 6 = 0.319811… ~= 0.32
Oh, I see. Is there a way to make it GST ‘exclusive’?
For example, if i buy something worth $10, then i have to pay $10.60 (inclusive GST)
Govt rules need us to depict clearly ‘price before GST’, ‘GST’, and ‘price after GST’.
I have the same issue where my supplier charge me RM0.33 but when I apply GST 6% on my purchase invoice it become RM0.32.
you just need to uncheck the box ‘tax inclusive’ in your invoices.
I am not GST Registered, do I need to enter the GST manually or I can option for the GST function on Manager software?
If you are not registered, then you may not use the GST function on Manager. the function is meant for those that will get back GST later. I put it as an expense.
Thanks Pauldoc, So I should disable the GST Function on Manager? Is that what you mean?
Giving an example, what if my supplier charge me GST on my subcon accounts, do I need to separately enter the GST amount in another account or just lumpsum entered it on my subcon purchases?
If you are not registered for GST, then the answer is yes.
When your supplier charges you GST, it will become an expense. E.g. if you pay $110 for telephone bill where $10 is GST, whole $110 will be categorized to your telephone expense account.
So any idea if I can bulk updates in a faster way instead of manually changing those which I had wrongly entered and identified as GST for my purchases?
When you go to
Bank accounts tab, there is
Find & Recode button in bottom-right corner which will allow you to change tax codes in bulk.