Setting up a Tax Category
Setting up a Tax Category
To set up a new Tax Category:
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Select Accounts in the Folders list, select GST/VAT and a list of existing GST or VAT categories (if any) will appear:
The ABM main application window showing the GST/VAT categories list. The title bar reads "Evaluation Company - Australia as at September 2014". The toolbar shows Edit, Add, View, Delete, Settings, Refresh, Send To Excel, Business Activity Statement, ATO Tax Returns, and GST/VAT Periods buttons. The left navigation panel shows the folder tree with GST & ATO Returns selected under Accounts. The main area displays a "GST" data grid with a search bar and "Advanced" button. The grid lists GST categories with their rates including: "10% Input Taxed", "0% GST Free", "0% Export", "Robby Purchases", "Input Taxed", "10%", and "Zero Rated Products".
List of current GST or VAT categories
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Select New on the menu bar at the top of the screen and an Add New GST or VAT Categories screen will appear:
The "Add New GST Categories" dialog window in ABM. The toolbar shows Save & New, Save & Close, Copy, Paste, and Print buttons. The Details section contains fields for: Category Title (empty text field), Category Type (dropdown set to "Capital Acquisitions"), and GST Rate (set to "0.00 %"). Below is a "Balances" section showing a "This Period to date" table with columns: Sales Value, Sales Tax, Purchase Value, and Purchase Tax (all empty). At the bottom is a "BAS Boxes to which this category is allocated" section showing a table with two columns: "Gross Value inc. GST" and "Tax Amount". The rows list: Sales Invoices (G1, 1A), Purchase Invoices (G10, 1B), Sales Credits (G7, 1A), and Purchase Credits (G18, 1B), indicating which BAS boxes will be updated for this GST category.
Add New GST/VAT Categories
Details
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Category Title: Enter the category title here as you would like to see it in reports.
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Category Type: Choose a category type by selecting the appropriate option from the drop-down list, such as Exports. Selecting the category type determines how purchases and sales are allocated to your Tax return.
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GST/VAT Rate: Enter the Tax rate (if any) applicable to this category.
Balances ABM automatically updates these fields once the GST/VAT category is used in a transaction.
BAS Boxes to which this category is allocated (Australia only) ABM advises which BAS boxes will be updated according to the selected GST/VAT category.
Save Settings When you have entered the relevant tax category details, select either: Save and Close: This will save the GST/VAT category information and bring you back to the main menu. or: Save and New: This will save the Tax category information and open a new Add New GST/VAT Categories screen.