Do the P&L reports in the reports section include GST?

John Parke
John Parke Member Posts: 5 Novice Member Novice Member
edited October 2024 in Reckon Accounts (Desktop)

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  • John G
    John G Reckon Staff Posts: 1,353 Reckon Staff Reckon Staff
    edited February 2017
    Hello John,

    Welcome to the Reckon Community.

    You can configure Accounts Business to display amounts either with GST (Gross) or without GST (Net).  Make your choice at Edit > Preferences > Reports & Graphs.  

    regards,
    John

  • John Parke
    John Parke Member Posts: 5 Novice Member Novice Member
    edited January 2014
    Many thanks, John
  • John Parke
    John Parke Member Posts: 5 Novice Member Novice Member
    edited January 2014
    Hi John. When preparing an invoice, if I know the amount including GST, is there a way of inputting that amount rather than manually calculating the figure without GST and then inputting that figure in. Sorry, haven't been able to work how to do it myself. Many thanks John
  • John G
    John G Reckon Staff Posts: 1,353 Reckon Staff Reckon Staff
    edited February 2017
    Hi John,

    Accounts Business manages and tracks tax through Tax Codes, so there is no need for you to calculate the tax component.  Make sure that in Edit > Preferences > Tax you have ticked YES for: Do you track tax?

    When you enter an item on your invoice, add a tax code to that item to have the tax component automatically calculated.  If you have your accounts and invoice set to show gross, then the tax amount is subtracted from the gross amount, assigned to the Tax Payable account for tracking, and the rest is saved as the Net amount for the transactions.  

    If you are showing accounts and invoice as net, then the tax code adds the tax amount to arrive at the gross amount.  

    You can indicate whether the invoice shows net or gross by ticking the box at the bottom left.  

    You can enter your default prices for the item in the item Setup as either gross or net by ticking the box "Amounts include Tax".

    Hope this clarifies the operation of tax in Accounts Business.

    regards,
    John

  • John Parke
    John Parke Member Posts: 5 Novice Member Novice Member
    edited January 2014
    Many thanks, John


  • Mithila Wakista
    Mithila Wakista Member Posts: 4 Novice Member Novice Member
    edited March 2014

    Hi John G.

    Just wondering whether this functionality was also available in Reckon Accounts Home & Business 2013. I looked into the accounts preferences and could not find this option.

    I would like to have the option for my reports to show the gross amount (including GST).


    Any assistance you could provide would be greatly appreciated.


    Cheers


    Mith

  • John Parke
    John Parke Member Posts: 5 Novice Member Novice Member
    edited March 2014
    Hi Mith. I'm just a beginning. No sure. good luck. John
  • John G
    John G Reckon Staff Posts: 1,353 Reckon Staff Reckon Staff
    edited February 2017
    Hi Mithila,

    Welcome to the Reckon Community.

    I'm sorry but H&B does not give you a choice of display - P&L and Balance Sheets are shown on a Net basis.

    When you drill down to the transactions you will see Net, Tax and Gross columns.
     

    regards,
    John


  • Mithila Wakista
    Mithila Wakista Member Posts: 4 Novice Member Novice Member
    edited March 2014

    Thank you both for the response.


    John G,

    Do you have any suggestions (any other reports etc) on how I might be able to get this information rather than having to go into individual items? Basically I would like to see for the last year how much I've spent on a particularly category including GST. It would be very cumbersome to do this for each line item.

    Any suggestions then do let me know. Otherwise i'll do my best to make do.


    Kind Regards


    Mith

  • Toby Shore
    Toby Shore Member Posts: 1 Novice Member Novice Member
    edited July 2015
    Hi All

    Picking up on this thread as I too have this requirement - is there a solution out there for this ?

    Best
    Toby
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