I am in Canada and all of my purchases show both federal and provincial taxes. If there is only one item, then it doesn’t matter if I have Inclusive or Exclusive taxes. But when there are more than one item and I have to split the expense into two accounts, I have to use my calculator to recalculate the taxes on each item.
How can I change my General Ledger so I can writ in tax exclusive amounts for each item?
Are both the federal and the provincial taxes re-claimable - like a VAT or GST.
Or are they just added to the purchase price and not re-claimable - Sales Tax.
If they aren’t re-claimable, then there is no need to separate the tax - just include that tax as part of the purchase price
Thank you for your quick response.
FYI, both taxes are reclaimable.
My “problem” is that the system is set up that I must add the “Inclusive” amount in the Ledger and it calculates the taxes from that amount. I would like to do the contrary, add the “Exclusive” amount and have it calculate taxes.
How do I change from “Inclusive” to “Exclusive” in my Ledger?
Regards
I just realized, after going through a few more form content, that there is no choice for Canada in the tax set up!!
I created my own including 5% Federal (GST) and 9,975% Provincial (PST). My taxes show up as one lump sum of both of these ie 15%. How can I get them to go to separate “accounts” ie Total GST and Total PST?
Right now you can’t do that. It’s second on the development Roadmap.
In the Sales & Purchases Invoices there is a tick box - see image below - also read here
In the latest version (16.5.91), you can now set custom balance sheet account for tax codes.
Thank you.
However, my question concerns products and materials that I purchase, not sell.
When I enter my purchases, I would prefer having tax exclusive but my set is tax inclusive.
Regards
Purchase invoices have ability to set amounts to be tax-inclusive or tax-exclusive.
Look in the top-right corner when entering purchase invoice
