• p2409
  • Senior Member
  • Offline
  • From: Australia
  • Registered: 12/11/2008
  • Posts: 127

Topic: GST/VAT on purchases

Is there a simple explanation of how purchase/sales taxes are applied in FA? By this I mean, at what business event is the GL journal entry made?
Are there particular guidelines for people in places like Australia where GST/VAT is always included in the purchase/sale price?
Thanks for the help!
Pete

  • Registered: 12/25/2007
  • Posts: 2,446

Re: GST/VAT on purchases

Hello,

There is no special description about local taxes in Australia nor any other country on FA site (beside local charts of accounts section), but the tax system is flexible enough to accommodate most local fiscal systems. If you want to use prices with tax included you should check respective boxes in tax definitions. The tax is posted to GL during invoice issue (see GL links for different transactions in sales/purchase inquiry).

Janusz

  • p2409
  • Senior Member
  • Offline
  • From: Australia
  • Registered: 12/11/2008
  • Posts: 127

Re: GST/VAT on purchases

Thanks that explains it!