Set Up Goods and Services Tax Posting in the Australian Version
Goods and services tax (GST) is the tax that is applied on most goods and services. The GST that is paid and received during a period is reported in the Business Activity Statement (BAS) that has to be submitted to the Australian Taxation Office (ATO).
To set up posting details for GST, you must define the posting groups, rate of GST, and the accounts to which GST is to be posted. You can set up this information for a particular combination of business posting groups and product posting groups.
You must set up GST posting before you generate the BAS report.
To set up goods and sales tax posting
Choose the icon, enter GST Posting Setup, and then choose the related link.
Fill in the fields as described in the following table.
Field Description GST Bus. Posting Group Specifies the GST business posting group code. GST Prod. Posting Group Specifies the GST product posting group code. GST Identifier Specifies the code that is used to group similar GST setups with similar attributes.
For example, you can group a number of GST posting setups that have a common GST percentage.
GST % Specifies the GST rate. GST Calculation Type Specifies the method that is used to calculate the purchase or sale of items. GST Account Specifies the number of the general ledger account to which you want to post the sales GST.
If you have selected the Reverse Charge GST option in the GST Calculation Type field, then do not enter a value in this field.
Input Tax Credit Account Specifies the number of the general ledger account to which you want to post the input tax credit. Reverse Chrg. GST Acc. Specifies the number of the general ledger account to which you want to post the reverse charge GST.
You can enter a value in this field only if you have selected the Reverse Charge GST option in the GST Calculation Type field.
Choose the OK button.
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