If GST Tracking has been enabled for the selected account, then three extra columns are added to the transaction screen. The additional columns are Rate, $GST, and % Clm (% Claimable).
GST Inclusive / Exclusive
Above is the default display mode, GST Inclusive that is, the Amount shown includes GST (Amount - gross). If the GST Setup option is changed to GST Exclusive the following is shown where the Amount does not include GST (Amount - net).
Click on the dissection Amount label, or GST amount column label to switch between GST Inclusive (Amount - gross) and GST Exclusive (Amount - net).
Note: Selection of “Amount – gross” or “Amount – net” also selects whether the graph of Actual versus Budget, which can be shown in the Office area of the main screen, displays the actual amount including or excluding GST. If the % claim for a dissection entry is less than 100% then the "excluding GST" amount shown on the graph is excluding just the claimable portion of GST.
Dissection Entry
The standard keystrokes involved in dissection entry remain unchanged. Once the $ Amount field is correct and the <Enter> key pressed, a new dissection line is created. If the GST rate or % Claimable fields need to be manually changed, the <Right Arrow> key should be used to exit the $ Amount field.
The GST is automatically calculated according to the information setup for the selected sub-category. If the transaction you are entering requires a different GST rate then the one you have already chosen in Setup Categories, position the cursor on the GST Rate column, and select the appropriate rate from the list displayed. See Tax Collected and Tax Credit for an example of a situation when this might be necessary.
If the transaction you are entering requires a different % claimable than the one you have already chosen in Setup Categories, position the cursor on the % Claimable column, and enter the appropriate rate for this transaction.
Account Transfer Transactions
Phoenix uses a GST rate 0 “Not Applicable” which it allocates to all account transfers. For New Zealand users, GST rate 0 is only used in this instance automatically and cannot be manually selected by the user for any other transactions.
Linked GST Control Transactions
The biggest difference with GST Tracked transactions is the processing that occurs “underneath”. Each new transaction automatically creates a “linked” transaction in the GST Control account (see below).
Tax Collected and Tax Credit
The type of the originating transaction determines the type of the GST Control transaction. Withdrawal or Cheque transactions creates a Tax Credit GST transaction, while a Deposit generates a Tax Collected transaction.
Stock purchases would normally be a Taxable Supply. So your Stock Purchases sub-category would be configured as taxable supply. However, if you purchased some stock from an unregistered vendor, then that transaction would be an Input Taxed Supply. You would need to change the GST rate for any Stock Purchases transactions where the vendor is not registered for GST.
Normally Capital Purchases are fully claimable for Input Tax Credits. If you purchase a rider mower, where part of the use of the mower is for non-creditable purposes (e.g. personal or for an input taxed use – say residential rental) then that proportion of the GST paid cannot be claimed. In this instance, you should edit the % claimable field to reflect the proportion of the use of the asset, which is creditable business related.
