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:

 

taxcodessetup

 

It may be advisable to review these with the company's accountant for further clarification.

 

warning1

Please do not add any tax codes to this master list without first consulting Happen Business.

 

It is important to ensure the correct tax code is used in each line of a transaction, prior to finishing the transaction.

 

hmtoggle_arrow1General rules for commonly used tax codes

 

hmtoggle_arrow1Default tax codes in general ledger accounts

 

Further information

Accounts Security

Account Inquiry

Clear the Historical Balancing Account

Credit Cards

Creditors

Debtors

Advanced Creditors

Suggested End Of Month Procedures

End of Financial Year

Enter a Capital Asset

Enter Child Support Payments

Enter Government Support Payments

Purchase a Capital Asset Under Finance

General Journals

General Ledger

GST Sessions and the BAS

Handle Paypal (and Similar)

Multicurrency Revaluations

Record Debtors/Creditors Contras

Rounding Issues

Sell a Company Asset

Set up a Loan Account

ATO Reportable Sub-Contractor Payments

Share Utility Expenses with other Businesses

Transaction Journal

Understanding Debits and Credits

Use Debtors and Creditors Adjustments

Recover Bad Debts

Withhold Tax

Write off a Bad Debt

Write off Fixed Asset