Purchases - Cost of Goods with tax

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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)

 

Preset tax code in COA

 

 

 

 

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