Tax Management: Difference between revisions
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Highnix ERP can handle a common issue that is difficult to resolve for users who are not using the system. This issue is the need to apply different GST rates to different types of calls on a telco bill. In this scenario, local calls are subject to GST, while overseas calls are exempt. Highnix ERP can handle this by setting up a simple one-time rule. This rule can then be applied to different vendors, customers, and products. | |||
# Assuming that the tax type of TX (current tax rate say 8%) and ZP (Zero Tax) tax type have already been setup in the system. ('''<span style="color:red;font-weight:bold"><u>Note:</u></span>''' The system supports two tax types: TX (8%) and ZP (zero tax). Note that zero tax is not the same as tax exemption. Zero tax is still a tax, but the rate is zero. If zero tax is applied, the system will record the input value of the purchase, but the tax amount will be zero. Tax exemption, on the other hand, means that there is no tax liability at all. If tax exemption is applied, the system will not record the input value or the tax amount.) | # Assuming that the tax type of TX (current tax rate say 8%) and ZP (Zero Tax) tax type have already been setup in the system. ('''<span style="color:red;font-weight:bold"><u>Note:</u></span>''' The system supports two tax types: TX (8%) and ZP (zero tax). Note that zero tax is not the same as tax exemption. Zero tax is still a tax, but the rate is zero. If zero tax is applied, the system will record the input value of the purchase, but the tax amount will be zero. Tax exemption, on the other hand, means that there is no tax liability at all. If tax exemption is applied, the system will not record the input value or the tax amount.) | ||
Revision as of 12:10, 25 July 2023
I have a bill from Telco and for local calls, there is GST. But for ovreseas call, GST is exempted. These transactions come in the same bill. How do I setup and record?
Highnix ERP can handle a common issue that is difficult to resolve for users who are not using the system. This issue is the need to apply different GST rates to different types of calls on a telco bill. In this scenario, local calls are subject to GST, while overseas calls are exempt. Highnix ERP can handle this by setting up a simple one-time rule. This rule can then be applied to different vendors, customers, and products.
- Assuming that the tax type of TX (current tax rate say 8%) and ZP (Zero Tax) tax type have already been setup in the system. (Note: The system supports two tax types: TX (8%) and ZP (zero tax). Note that zero tax is not the same as tax exemption. Zero tax is still a tax, but the rate is zero. If zero tax is applied, the system will record the input value of the purchase, but the tax amount will be zero. Tax exemption, on the other hand, means that there is no tax liability at all. If tax exemption is applied, the system will not record the input value or the tax amount.)
- Setup