To enter Purchases (Cost of Goods) with Tax
Exercise: Assuming there is a purchase of goods as follows:
Supp id |
Invoice No |
Date |
Curr |
Amount |
GST |
Base Amount |
SUPER |
0005688 |
02/12/2019 |
SGD |
2,000.00 |
140.00 |
2,140.00 |
Refer to Supplier master (Pre-set supplier with Tax, see buying details)
At [ A/c Entry ] , click [Purchase Journal], click [Add]
Follow the steps to record your purchases or expenses from the supplier
[4] Fast code "1" (system preset to GL purchase account code M-P001-1)
[5] Enter amount 2,000.00 , system will automatically compute the tax of 140.00
Accounts Payable Accounting Entry:
|
COA |
Debit |
Credit |
Puchases |
M-P001-1 |
2,000.00 |
|
GST - Input Tax |
D-G001-1 |
140.00 |
|
Trade Creditors Control - ABC |
|
|
2,140.00 |
Supplier will be credited with an amount of $2,140.00
Related Topics |
Tax : P (Standard Purchase) |
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Watch all videos: |
http://realtimme.cloudapp.net/basic/index.html?purchases_-_goods_with_tax.htm
