We have seperate tax accounts ,are CGST, SGST, IGST, TDS. We are unable to enter individual credit/Debit balances in starting balances entrry, Any solution for that
the debit and credits can be managed only when all tax heads are part of one tax liability account.
if you want to show them separately, then allocate the tax rates to different accounts. but in this case you will have to regularly use journal entries to maintain the liability under each tax head because Manager is unaware of how the taxes adjusted among different tax heads.
- Manager software not recommending journal entries unnecessrily
2 For stocks, we already paid tax , becomes credit balance in SGST, at present.
- Further sales using SGST, the collected tax will be adjusted in CREDIT BALANCE
yes this is true if you use Manager in the way its designed. for custom requirements you will need to find workarounds.
SGST will also be utilized for IGST offset as per gst rules. so in this case if you create separate accounts you will have to manually offset it using journal entries because Manager will only offset SGST against SGST and not SGST against IGST.
I assume you have set up a separate account for each tax as per
Tax Codes: Create and use tax codes
1 Agreed to all your recommendations
2. Pls confirm what heading we should enter, under TAX PAYABLE.
3 Also confirm, the heading created should work along with DEFAULT GST SLAB RATES
please download the localization settings for India https://www.manager.io/localizations/in/
this includes all the tax codes.
personally I find it easier to have all the tax codes under the same account because Indian tax system is still a little complicated to implement properly. only software vendors who have a targeted Indian market provide such solutions but that comes at a price.
Thank you very much