Work with Tax Codes in Jim2 |
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Tax codes in Jim2 are used to calculate GST and related taxes, and to calculate the relevant values required for a GST session. Tax codes are included in sections throughout Jim2, however the focus here is on the use of tax codes in general ledger accounts, cheque book entries, general journals, expense orders and debtor/creditor adjustments.
In Tools > Setups > Accounting > Tax Codes, Jim2 displays the tax codes, as well as where and how they report in GST sessions:
It may be advisable to review these with the company's accountant for further clarification.
It is important to ensure the correct tax code is used in each line of a transaction, prior to finishing the transaction.
Further information Clear the Historical Balancing Account Suggested End Of Month Procedures Enter Government Support Payments Purchase a Capital Asset Under Finance Record Debtors/Creditors Contras ATO Reportable Sub-Contractor Payments Share Utility Expenses with other Businesses Understanding Debits and Credits |