Wrong GST/TAX Calculations.
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Fri Jun 18 01:19:59 EDT 2004
Hi there,
Thanks for your previous posts, been doing some reading about accounting
but ran into a a problem which I cannot fix at all.
In Australia, we have to charge GST (TAX) of 10% to applicaple items. In
theory, $100 item has $10 of GST (10%). But in some accounting books I
read, they say to calculate the GST, devide $100 by 11 resulting 9.0909*
Also i'm trying to use invoicing feature in Gnucash, I can generate
invoices etc.. but I re-write up the Invoice in a Excel sheet because
printing invoices in GNUCash is not that really good, GST (TAX)
Calculated by GnuCash is different from the GST that I calculate using
an Excel spreadsheet using the same values (In excel sheet I multiple
the value by .1, so 100 becomes 10).
Any ideas? I can't seem to find the solution.
Greatly appreciated.
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