Simply Accounting Tutorial

Set up Tax Tables with Split Taxes

Hi everyone.

Recently I was asked how to set up tax table with split taxes.

ex: 5% GST (2.5% and 2.5%)

if you have man suppliers or customers with this type to of tax splitting you can set it up in the tax section.

if not I will show you how to enter it at the time of posting the invoice.

This tutorial will be in the classic mode as shown below.

 

Sage 50 Home Screen

From the top menu choose Setup – Settings – Company – Sales Taxes.

This is where you should be.

Settings Taxes

From here chose Tax Codes below.

in this screen you will record all the tax code you have followed by a description.

you can also choose to see the tax code in a specified journal. either payable or receivable.

 

Settings Taxes codes

No click on Taxes below.

here you will issue the codes a relative account number. one for payables and one for receivables.

Settings Taxes with accts

Now that we are familiar with the Taxes and Taxes Code screen.

lets go back to Taxes Code screen and choose the GS Tax Split in order to give it a percentage for calculate.

Tax Code Details Do the same for the SG code and press OK.

 

Now lets test the taxes created.

Go to purchase journal, choose a vendor and test the tax codes.

Purchase journal with split taxes

 

Now lets look at an entry with the tax codes not set up.

Purchase journal with split taxes 2

 

Hope this tutorial helped.

if you have other questions please drop me a note.

nk

 

 

 

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How to adjust/delete entry from general ledger

This tutorial is on how to adjust/delete an entry made via general journal.

 

lets first view a report on bank account.

go to Reports – Financials and general ledger (or Transactions by Account ) depending on the version of Sage you have)

 

Government slips

 

 

 

 

 

 

 

from here choose the date range that the entry was done in and highlight the bank account and press ok.

General Ledger Bank

 

 

 

 

 

 

 

 

 

choose the entry that needs to be deleted by clicking on the source.

the original entry opens and you can click the red X and delete the entry.

general journal entry

 

 

 

 

 

 

 

 

 

This entry will not show up on the bank reconciliation screen.

 

 

 

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