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Jim2® Business Engine Help File

On the ribbon, go to Tools > Setups > Accounting and select Tax Codes.

 

set up tax codes

 

There are already standard tax codes set up in Jim2.

 

Quality

It is advisable to not make any changes here without discussing with your accountant and contacting support@happen.biz for more information.

 

Code allows allocation of an alpha value to the various tax codes that apply to stock. When adding stock, add the appropriate tax code and the tax paid stock prices will automatically be calculated from the tax free prices.

 

setup tax codes

 

In the setup grid, there are five fields that need to be filled out for each tax value. They are:

 

tax code setup

 

Field

Explanation

Code

A unique alpha code for each tax type.

Percent %

The percentage value of the tax.

Type

Choose a tax type from the dropdown list – these relate to BAS fields for GST.

Description

A description of the tax (up to 30 characters).

GST Sales and GST Purchase

Indicates where in the GST worksheet these values will be entered (auto-filled by Jim2).

Active (checkbox)

Whether the tax code is active and available for use.

 

Quality

Once a tax code is used, it cannot be altered or deleted – untick Active to make it inactive. By making a tax code inactive, it is no longer available for use from that point onwards. If that code has been used previously, it still applies within historical records, and it can be re-enabled at any time.

 
GST – BAS and Jim2

This is a table showing the tax types, and where they fit in the BAS. The tax types that are set up and used in Jim2 are vital to the formation of the BAS Report, and should not be changed.

 

Code

Type

BAS Field

C

Capital Acquisition

G10

E

Export Sales

G2

F

GST Lump Sum Deferred

7A/G11

G

GST Inclusive

G1/G11

I

Input Taxes

G4/G13

L

Luxury Car Tax

E1/F1

N

GST Free

G3/G14

P

PAYG Total

W1

Q

PAYG Tax Amount

W2

R

Capital for Private Use

G15

V

Non-Capital for Private Use

G15

W

Withholding

G14/W4

X

Exclude from GST Reports

N/A. This is the code to be used when making payments to the ATO.

Y

GST Lump Sum

G11

Z

Lump Sum Capital Acquisitions

G10

 

See the GST Sessions and the BAS section for more information.

 

Further information

Canadanian Regional Settings (for information specific to Canada)

Multiple Tax Codes in Kitted Stock

Work with Tax Codes in Jim2

GST