Sales Tax recording

Derek Atkins warlord at MIT.EDU
Wed Oct 15 09:53:45 EDT 2008


Hi,

"Gerard" <gerardmcelroy at eircom.net> writes:

> When I generate a sales invoice or a purchase invoice, I add VAT @ 21% to the nett total
>     When I post to Accounts Receivable and Sales Account, these accounts record the full
>     sales and purchases amounts incl of Vat. I don't understand the process of recording or 
> splitting nett amounts from the Tax amounts, How do I set up separate accts to record nett sales
>     and a separate Vat account for Sales & purchases. I thought GnuCash did this automatically.
>     I went thro' the help tutorials but can't find what I am looking for
> Looking forward to some assistance, 

It's all about how you set up your tax tables.  That tells GnuCash
how much to split out, and where to put that amount.  In your case
you will want two tax tables, one for Sales and one for Purchases.

> Gerard

> Please remember to CC this list on all your replies.
> You can do this by using Reply-To-List or Reply-All.

-derek

-- 
       Derek Atkins, SB '93 MIT EE, SM '95 MIT Media Laboratory
       Member, MIT Student Information Processing Board  (SIPB)
       URL: http://web.mit.edu/warlord/    PP-ASEL-IA     N1NWH
       warlord at MIT.EDU                        PGP key available


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