How to make a Journal Entries gst inclusive?
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.
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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