Automatic VAT/GST on purchases?

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Automatic VAT/GST on purchases?

Mark Blakeney
Hi,

I am a [ex-]Quicken user looking to move to gnucash or kmymoney and have
a question about gnucash. Is it possible to set up automatic VAT/GST
apportioning on purchases? If so, then sometimes the GST must be taken
out of the gross amount entered, other times then the GST must be added
to the net amount entered (dependent on the particular primary expense
account entered).

There is a gnucash FAQ on how to handle GST tracking and it mentions
that you can set up a tax table for "GST Payable" which will
automatically apportion the GST owed on invoices and collate the tax
owed, but I can't work out how to do the analogous operation on
payments? Having this for payments is more important because you must
enter a lot of them and having to manually calculate and split out the
GST is onerous and error prone. BTW, kmymoney has automatic VAT/GST
splits for both income and expenses. In both cases the split can be
based on net or gross amounts.

--
Mark Blakeney.


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Re: Automatic VAT/GST on purchases?

Maf. King
On Sunday 09 July 2006 14:10, Mark Blakeney wrote:

> Hi,
>
> I am a [ex-]Quicken user looking to move to gnucash or kmymoney and have
> a question about gnucash. Is it possible to set up automatic VAT/GST
> apportioning on purchases? If so, then sometimes the GST must be taken
> out of the gross amount entered, other times then the GST must be added
> to the net amount entered (dependent on the particular primary expense
> account entered).
>
> There is a gnucash FAQ on how to handle GST tracking and it mentions
> that you can set up a tax table for "GST Payable" which will
> automatically apportion the GST owed on invoices and collate the tax
> owed, but I can't work out how to do the analogous operation on
> payments? Having this for payments is more important because you must
> enter a lot of them and having to manually calculate and split out the
> GST is onerous and error prone. BTW, kmymoney has automatic VAT/GST
> splits for both income and expenses. In both cases the split can be
> based on net or gross amounts.

Hi Mark,

The only way that VAT/GST can be apportioned automatically in the 1.8.x series
of GC is through the "business subsystem".

That means running a full-on A/P (bills you need to pay) or A/R (invoices your
clients need to pay) setup, which may be overkill for your needs. GC handles
varying tax rates - eg 17.5% standard rate,  5% reduced rate for electricity
etc, or 0% for books etc. defaults rates are set on a per-expense-account
basis.

The general registers don't do anything like this.  :-(

I don't know if that is different in the 1.9 series (surely 2.0 soon?)

HTH,
Maf.
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Re: Automatic VAT/GST on purchases?

Josh Sled
In reply to this post by Mark Blakeney
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> On Sun, 2006-07-09 at 15:35 +0100, Maf. King wrote:
> > I don't know if that is different in the 1.9 series (surely 2.0 soon?)
>
> It's not any different, unfortunately. :/
>
> Hopefully the future register will make it easier for someone to
> contribute this functionality.
>
> (2.0 release is today. :)
>
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Re: Automatic VAT/GST on purchases?

Maf. King
In reply to this post by Maf. King
On Sunday 09 July 2006 16:01, Josh Sled wrote:
>
> (2.0 release is today. :)


Woot! Congrats to all involved for reaching the milestone!


Thanks,
Maf.

 

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Re: Automatic VAT/GST on purchases?

Derek Atkins
In reply to this post by Maf. King
"Maf. King" <[hidden email]> writes:

[snip]
> The general registers don't do anything like this.  :-(
>
> I don't know if that is different in the 1.9 series (surely 2.0 soon?)

Nope, it's not different.

-derek
--
       Derek Atkins, SB '93 MIT EE, SM '95 MIT Media Laboratory
       Member, MIT Student Information Processing Board  (SIPB)
       URL: http://web.mit.edu/warlord/    PP-ASEL-IA     N1NWH
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