How to make a Journal Entries gst inclusive?
To make journal entries GST, first you know about the concept of GST. You charge your customers GST on goods you sell and pay for goods you buy. With a GST Discount item. And you almost certainly should be entering either a Sales Receipt or an Expense instead of a Journal Entry. since GST wouldn’t be a standard charge among a journal entry.
When making a general journal, you’ll solely associate a tax (GST) quantity to the tax account (GST collectable account), the taxable quantity will be automatically associated with the tax account (GST collectable account) as according to your tax (GST) setting. Besides, you can choose the relevant Tax (GST) Item at the Tax Item column.
To prepare for tax accounting
You should take step to prepare for tax accounting before you set up your accounts. If you done this then its good for your accounts and if you have not done so, you need to discuss with an accounting professional for latest information of tax, and also advice on the impact of taxes will have on your particular business.
Setting up general accounts
You would need to set up accounts to keep track of the GST. within the account book, create the following current liability accounts for GST:
- GST Charged On Sales
- GST Paid On Purchases
- GST Adjustments [optional]
- GST Payroll Deductions [optional]
- GST Owing [Refund]
The Journals that may be affected by the GST are:
- Cash Receipts Journals
- Cash Payments Journal
- Sales Journal
- Purchases Journals , columns are inserted for GST
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