• From: South Africa, Natal
  • Registered: 07/19/2008
  • Posts: 46

Topic: Simple Tax and Fiscal Year Setup for FA236

Please anybody can you explain to the noob how to get taxation to be setup for FA236

I have a Brand New Shiny FA236 Installed on my Server

I only require ONE Tax of 14% to be used for both purchases and sales

Now how do you do this in:
1. Taxes
2. Tax Groups
3. Item Tax Types

Then I need to CLOSE and REMOVE the Following Fiscal years
01/03/2009     28/02/2010
and
01/03/2010     28/02/2011

When i try to remove Fiscal Year 01/03/2009 - 28/02/2010 I get an Error:
" The Retained Earnings Account should be a Balance Account or the Profit and Loss Year Account should be an Expense Account (preferred the last one in the Expense Class) "

any help greatly appreciated

  • joe
  • Administrator
  • Offline
  • Registered: 03/15/2007
  • Posts: 5,107

Re: Simple Tax and Fiscal Year Setup for FA236

Please read about how to setup FA in the Wiki, https://frontaccounting.com/fawiki.
The tax setup and the fiscal year setup is explained here.

/Joe

  • From: South Africa, Natal
  • Registered: 07/19/2008
  • Posts: 46

Re: Simple Tax and Fiscal Year Setup for FA236

/Joe thanks for your help

My Problem is that I am using the South Africa COA, for " Tax Types " in my GL Account there is NO " Sales GL Account 1060 and Purchase GL Account 1060 " Option.

Now I know that this is because you are using the American Standard so I am trying to Find out what Sales GL Account and Purchasing GL Account I must choose for South Africa.

Any help greatly appreciated.

sorry for the noob questions, i am not an accountant.

  • joe
  • Administrator
  • Offline
  • Registered: 03/15/2007
  • Posts: 5,107

Re: Simple Tax and Fiscal Year Setup for FA236

For this topic I guess you should consult a local Accountant.

/Joe