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Gst Summary Sheet - State Sales Tax
Sales Tax (Gst) , what can we say about this little component. Its the biggest pain in the butt for any small business and a drain on most individuals pockets. But this little cash cow is a win fall for our governments and it's here to stay, so we have to all live with it.
Filling out all the forms for this little creature can sometimes send you around the twist. We have made it easy to account for sales tax (gst) with our one click approach, but there isn't much we can do about all the forms the government will want you to fill out just so they can collect their pocket money..
Our Sales Tax Summary Sheet easily shows the amounts of Sales Tax paid and received. It shows the amounts you receive with income and the amounts which were added to expense items you purchased.
Our Summary Sheet shows this in several ways, so you can easily understand the amounts and use these to fill in those fabulous government forms..
Lets have a look at the Sales Tax Summary Sheet below
NOTE: This example below only shows 1 Form of Sales Tax.. Our additional program TaxGst[2] WILL report and show 2 Forms of Sales Tax.
If you look at the Purchases and Expenses section, you will notice a total of 115.00 on the 3rd line. This is the total amount of expenses for that period.
Under that you will see that some of the purchases did not have sales tax included in the purchase price. It also shows an amount for those totals that did have sales tax included. Looking at these amounts 15 + 100 naturally equals the previous 115.00 amount. Again we have done this for ease of understanding all the amounts.
And under that you will see the break up of the actual expense item and the amount of sales tax paid. 105.91 + 9.09 again equals the previous 115.00 amount.
The income section of the report follows the same detail as the expenses. Keeping it the same makes it easy to understand.
You will then notice that there is a Gst (Sales Tax) Calculation at the bottom of the sheet. This amount is simply the amount of sales tax collected with income less the amount paid with expenses. Both the 200.00 and 9.09 amounts come from the above sections. Again this makes all the amounts easy to understand and provides the amounts in various ways for ease of filling in those forms.
