Tax details
All receipts being processed for a debtor have tax calculated only where the ledger or sub ledger it belongs to has the Taxable check box selected.
When a payment is received, the tax component is calculated based on the payment amount (tax inclusive).
This table shows information if the Taxable check box is selected:
| Account | Description |
|---|---|
| Debit Bank Account | Full payment amount |
| Credit Revenue Account | Payment amount less GST |
| Credit Tax Cash Account | GST amount |
This table shows information if the Taxable check box is clear:
| Account | Description |
|---|---|
| Debit Bank Account | Full payment amount |
| Credit Revenue Account | Full payment amount |
Receipts reversed or transferred generate the opposite information if the Taxable check box is selected or clear.