Based on the tax code and tax type selected, the tax amount will be automatically calculated and allocated to the tax collected or paid accounts.
When adding a journal:
Select Apply Tax to post a journal with tax amounts.
Tax type: Select Collected or Paid for the tax accounts. This is a mandatory field to be able to add the journal.
If you've selected Collected, the tax amount will be allocated to the tax code's pre-defined collected account.
If you've selected Paid, the tax amount will be allocated to the tax code's pre-defined paid account.
Tax code & Tax Rate: After you select an account, the tax code and tax rate configured for that account will appear.
UI Text Box
If you need to add journals with tax code LCT, LCG, IMP or GW, you'll need to do them in the online ledger directly.
Tax Amount: This is calculated automatically based on the tax rate.
Viewing a journal
When you view a journal using the View All or View for Account options, the tax code, tax type, tax rate, and tax amount will display in the original journal transaction. This is useful for tracking purposes.
Viewing a transaction
When viewing a transaction for a posted journal, the tax code and tax amount will display if it is available.
Known issues in View Transactions window
If you use AccoutRight Live, you'll not be able to view Tax code and Tax Amount in the View Transactions window. Go to the AccountRight Live ledger to view the tax details.
If a collected or paid account doesn't have a tax code or has an inactive collected/paid account defined, the tax amount will be allocated to its original journal transaction on the trial balance. However, when viewing the transaction the closing balance total will not include the tax amounts and the closing balance may not be equal to the final value in the trial balance.
The GST report in the online ledger will be automatically generated when creating a journal.
The report will include tax amounts based on the following:
For the Balance Sheet accounts, the GST amounts on the reports will show based on the Collected or Paid selections made while posting a journal.
For the Profit or Loss accounts, depending on the account code the GST amount will show under Sales or Purchase based on if the account is an income account or an expense account.
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Copyright 2023 MYOB Technology Pty Ltd. All rights reserved. This help topic is provided as a guide only, in accordance with our Legal Disclaimer. For specific taxation or accounting advice, please consult the relevant tax authority or regulator.