Preferences > Tax > Company > Sales
edited August 2019 in Accounts Hosted
I'm trailing RECKON HOSTED and can't understand how to use the SALES FIGURES options in PREFERENCES > TAX > COMPANY > SALES. It has radio buttons for NET and GROSS and I can't work out the distinction between the two and therefore I'm not sure which one I should be using.
Makes sense. I need the GROSS option so that way AMOUNT INCLUDES TAX option is always checked when processing invoices and sales receipts. Thanks very much.
John Gibson Accredited Partner Posts: 47 Accredited Partner
As a follow on from that, just make sure that you do set the system up to report using Accruals Basis - I see you had Cash Basis reporting selected - the Cash Basis method builds reports much more slowly / painfully as it is an 'add-on' reporting system due to the ATO allowing the Cash Basis option - and in addition you will want to have the debtors and creditors showing (if you have debtors and creditors, and even if you do not, faster build is much better!)
Also as an accountant ALL my clients are instructed to use the Accruals Basis reporting, and it is ONLY in the tax return where I adjust for (remove) debtors / creditors to account for tax on a cash basis. JG0
I'm happy with CASH accounting as that's how my business is registered. I've got a fast computer and a small business so I'm more than happy with the speed of the reports that are generated.
Shirley Ingle Accredited Partner Posts: 146 Accredited PartnerHi Jay Stick with the Cash reporting. I am sure any small business would not want to give the tax man GST until they had been paid by their client provided they were within the ATO guide lines as regards Cash and Accrual reporting. Shirley0
Shirley Ingle Accredited Partner Posts: 146 Accredited PartnerHi Jay Further to that screen shot. Be careful you don't have 2 ATO agency. You have ATO and you may find that the Tax items are reading Australian Taxation Office. Go to Lists, Tax items and highlight say NCF. What does it show, ATO Australian Taxation Office. This evening I had to correct a new file as it was reporting tax incorrectly. End result was the client had ATO and Australian Taxation Office and one was made inactive but still had Supplier is a Tax Agency ticked. Shirley0
Thanks for the waring. I only have the one tax agency. I have several supplies starting with "Australian..." and I wanted to cut down on my typing so went in and renamed the default "Australian Tax Office" to "ATO" to save time typing.
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