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Hisv8
Level 1

How do I enter a GST inclusive journal entry so that I don't have to manually calculate the exclusive amount for each line?

 
8 Comments
Rajanikanth
Level 6

How do I enter a GST inclusive journal entry so that I don't have to manually calculate the exclusive amount for each line?

Hi, cjfranke 

For Purchases/Expenses under the Debits column enter the amount and under the GST column select the relevant GST rate on purchases this will automatically calculate the Credits column with the GST amount ( inclusive of GST/ Gross amount ).

For Sales  under the Credits column enter the amount and under the GST column select the relevant GST rate on sales this will automatically calculate the Debits column with the GST amount ( inclusive of GST/ Gross amount ).

Check the attached screenshot 

Comment back for further clarifications.

Hisv8
Level 1

How do I enter a GST inclusive journal entry so that I don't have to manually calculate the exclusive amount for each line?

It's the exact same thing I am trying to do/find for Journal Entries.
Rajanikanth
Level 6

How do I enter a GST inclusive journal entry so that I don't have to manually calculate the exclusive amount for each line?

For daily transactions best practice is to use standard workflow such as Invoices,Sales Receipts,Bills,Deposit screen etc which will ensure accurate reports and you have the options of selecting Inclusive of Tax OR Exclusive of Tax under the Amounts are field dropdown menu for the Journal entries this option is not available.
Rajanikanth
Level 6

How do I enter a GST inclusive journal entry so that I don't have to manually calculate the exclusive amount for each line?

Another available option to find the net amount / exclusive of tax amount is in the amount field enter the Gross amount / inclusive of tax amount and divide by 1.10 ( tax rate is 10% ) to get the net amount, this calculation can be performed in the amount field itself.
Hisv8
Level 1

How do I enter a GST inclusive journal entry so that I don't have to manually calculate the exclusive amount for each line?

Thanks - I didn't know the calc could be done in the amount field.
Ben977
Level 1

How do I enter a GST inclusive journal entry so that I don't have to manually calculate the exclusive amount for each line?

Hi, but I still find it very time consuming considering if have have several lines for journal entries.. Would be great to have option to choose tax exclusive and inclusive optin.

ivrtejaswi
Level 1

How do I enter a GST inclusive journal entry so that I don't have to manually calculate the exclusive amount for each line?

when i am passing the journal i dont see that amounts reflected in the GSTR report

Kass_B - Product Champion
Content Creator

How do I enter a GST inclusive journal entry so that I don't have to manually calculate the exclusive amount for each line?

Hi ivrtejaswi,

 

The journal entry will show on the GST Report (eg GST Detail Report) as long as a) one line has a GST code associated with it or b) the lines have different GST codes assigned. If there is no GST code on the journal at all, it will not display on the report. Similarly, if the entry has the same GST codes on both lines it will not show as these codes zero or balance each other out. 

 

-Kass