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HOW GST INCREASE IS HANDLED IN COSTCON
The GST table now holds rates and an effective date. If a transaction is dated September the old GST rate applies, if dated October and beyond then a new 15% GST rate will apply.
If the transaction date is altered during input the system will warn the user and offer to recalculate the GST.
Exempt creditors and debtors will never have GST calculated.
GL codes that are marked as GST exempt will never have GST calculated.
Reversals will offer the user the opportunity to enter a reversal date, this date will be used to derive & calculate GST.
DEBTORS
Claims
Irrespective of job type the claim date dictates the rate of GST applied.
Journals, Manual and Inventory Invoices
The transaction date governs the GST rate applied.
Claims raised in Sept and certified in Oct
The date of the claim will need to be changed to the certified date, the GST will calculate at the new rate, before the claim is posted.
Cash Received in Advance
No GST calculated
Retentions
No GST accrued
Release Retentions
GST calculated at the time that the retention is released.
Transaction Reversal
Transaction reversals from the extras menu always provide the user with the opportunity to enter a transaction date. Care should be taken when entering the reversal date as the original transaction date is not the default date.
CREDITORS
Payment Schedules and BCI transactions
Irrespective of the job type the payment schedule date will dictate the rate of GST applied, the retention displayed on the screen will display GST calculated at the current rate.
Invoices
The invoice date dictates the GST rate.
Advance Payments
No GST accrued.
Transaction Reversal
Same rules apply to creditors reversals as apply to debtors.
Retentions
Displayed on the screen at the current GST rate, but stored without GST.
Release Retentions
Retention release date will dictate the rate of GST applied.
GENERAL LEDGER AND CASH BOOK
Journals
No Automatic GST calculated
Manual Payments and Receipts
The payment and or receipt date dictate the GST rate applied.
Transaction Reversal
The debtors and creditors transaction reversal rules apply.
SALES ORDERS
When the sales order is converted into an Inventory invoice the date on the Invoice will dictate the GST rate to apply.
PURCHASE ORDERS
When the Purchase order is invoiced the date of the creditors invoice dictates the GST rate to apply.
QUOTES
GST is calculated and displayed for information purposes on the screen at the time that the quote is generated. If / when progressed to a Sales invoice the Invoice date will dictate the GST rate that applies.
GST RETURN
Should multiple rates apply on your return, a preloaded quick report will be available to analyse and total transactions by rate.
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