Automatic VAT/GST on purchases?
Mark Blakeney
mark.blakeney at bullet-systems.net
Sun Jul 9 09:10:16 EDT 2006
Hi,
I am a [ex-]Quicken user looking to move to gnucash or kmymoney and have
a question about gnucash. Is it possible to set up automatic VAT/GST
apportioning on purchases? If so, then sometimes the GST must be taken
out of the gross amount entered, other times then the GST must be added
to the net amount entered (dependent on the particular primary expense
account entered).
There is a gnucash FAQ on how to handle GST tracking and it mentions
that you can set up a tax table for "GST Payable" which will
automatically apportion the GST owed on invoices and collate the tax
owed, but I can't work out how to do the analogous operation on
payments? Having this for payments is more important because you must
enter a lot of them and having to manually calculate and split out the
GST is onerous and error prone. BTW, kmymoney has automatic VAT/GST
splits for both income and expenses. In both cases the split can be
based on net or gross amounts.
--
Mark Blakeney.
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