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Tax On Income Control Account

Tax included in postings to income accounts, including asset sales, is posted to this account.

Tax On Expenses Control Account

Tax included in postings to expense accounts or asset purchases is posted to this account.

Tax Control Account

When the BAS is processed the Tax On Income and Tax On Expense Control accounts are transferred to the Tax Control account (awaiting payment to, or refund from, the taxation office).

Tax Withheld Control Account

Tax withheld from suppliers not quoting ABN (Australian Business Number) is transferred to this account.

Last BAS Posting Date

This field is automatically populated with the date when the BAS statement is processed. It cannot be changed here.

Tax Code

See values in the luTax lookup table, as discussed below. Normal values include:

• GST Free (F).
• Inclusive of tax. For example:
• 10% GST (10) in Australia
• 15% GST (15) in New Zealand.
• Assets, inclusive of tax. For example:
• Assets - 10% GST (AST) in Australia
• Assets - 15% GST (AST) in New Zealand.
• Input Taxed (I).
  Note: Tax control accounts require Tax Code is Fixed in order to process the BAS.

Tax Code is Fixed

Select to prevent staff members changing the tax codes on accounts. If your accounts policy is to only code general ledger accounts against supplier invoices and not to also code tax effect, then select this option.
Note: This will probably require a considerable expansion of the Chart of Accounts.

Table description

Note that these values are automatically set up for GST.

Code

Short code to identify the tax treatment.

Description

For easy selection from lookup lists.

Percentage

Tax percentage.

Inclusive Multiplier

Value that the tax inclusive invoice line item amount is to be multiplied by to obtain the tax amount. In:

• Australia a multiplier of 0.09090909 gives a tax rate of 10%
• New Zealand a multiplier of 0.86956522 gives a tax rate of 15%.

Exclusive multiplier

Value that the invoice line item amount is to be multiplied by to obtain the tax amount.
This applies to amounts that do not include tax but the line item is subject to tax.

Invoice Prices Include Tax

This is the default for all supplier invoices. It can be altered if a supplier prices their line items to exclude tax, with the total for GST added in at the bottom of the invoice.

A.B.N. Supplied

In Australia, legislation requires businesses to withhold tax from payments to suppliers who do not provide an ABN.
Select if the creditor has provided their Australian Business Number.
If this field is not selected, Synergetic asks the user if they want to generate a withholding tax credit against the supplier's account.
This field can be directly set when entering invoices.

A.B.N

ABN quoted on the supplier's invoice. This is for reference purposes.

GST Registered

If this field is not selected, all general ledger journal entries in invoicing is marked as tax free.

A.B.N. Supplied

Is selected if you have previously indicated that the supplier has quoted their ABN.
Select this field if the ABN appears on the supplier's invoice. If the ABN Supplied flag is selected you can also enter or verify the actual ABN if required.

GST Registered

If this field is not selected, allocations are marked as tax free. If you change this the creditor's master record is updated.

Prices Include Tax

You can set this flag in the Account tab of Creditor Maintenance. See Creditor Maintenance - Account tab in the Creditors manual.
You can set or clear the flag while processing invoices but this will not change the default setting on the creditor's account. If the supplier's invoice line items each include tax (that is, your account allocations based on the invoice includes tax) then this field must be selected. This will ensure that only the amount nett of tax is actually posted to the expenses account. The tax amount is automatically posted to the Tax on Expenses Control account.