HST on cash purchase
maf at chilwell.net
Sat Jan 8 16:55:23 EST 2011
On Saturday 08 January 2011 21:10:28 Bert de Haan wrote:
> I purchased gas for my company truck. When I entered it as an
> expense, the total, including the tax is entered as an expense. I want
> it separated because I can claim a refund on the tax. In order to
> accomplish this I entered it as a bill first and then processed the
> payment. Now the gas and the tax are entered as separate expenses.
> Do I have to go through this process or is there another way to do the
> same thing?
> Can I use the same program to keep personal financial records and
> business records? In which case I would have to treat gas purchased
> for the family vehicle differently from the truck.
You have entered this purchase via the Vendor->New Bill path, correct?
There are things called "Tax Tables", which you can set up from the
Business->Edit Tax Tables menu entry. These let you specify rates at which
sales tax is calculated and split it off to it's own account.
Note that Sales Tax you have paid, but are going to later reclaim is not an
expense, but an asset (Your money is being "looked after" by someone else)
IIRC, the docs. are fairly good about the process of setting up tax tables,
when I was getting started with GC, I found this posting to be useful; it is
specifically about UK VAT, but I'm sure that it is adaptable to your needs.
(don't worry if you get a message about untrusted SSL certificate or similar -
that's a whole other topic!)
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