Tax code
If tax is calculated on general ledger receipts, then the amount of the receipt is deemed to be tax inclusive. By generating the ledger transactions, the tax amount is distributed to the accounts nominated on the tax code within the CTX module.
This table shows an example of tax = Y:
| Account | Amount |
|---|---|
| Debit general ledger default bank account | Receipt amount |
| Credit nominated general ledger account | Receipt amount less GST calculated |
| Credit tax cash account | GST calculated |