Sales Tax on Purchases to Offset Sales Tax on Sales

Sales Tax on Purchases to Offset Sales Tax on Sales

Post by U3RldmV » Fri, 16 Mar 2007 19:15:10


OK. I'm in New Zealand & am trying to get Office Accounting Express 2007 to
work for my small home business. I know its not localised for here so am not
expecting good news on this query. Basically, all I need is a database to
keep track of sales & purchases & calculate my sales tax liability every two
months. All the other bells & whistles are nice but so far it's missing the
ability to carry out an essential function. Read on. We've got a single
fixed Sales Tax rate here of 12.5%. You pay it on most things & get charged
it on most things. Ideally, the software would keep a running total or sales
tax on goods & services sold, which, If I'm running a profitable business
would be partially offset by the running total of sales tax on goods &
services bought. So far it's keeping track of sales tax on sales, but does
not seem to have inbuilt functionality to do this for purchases. Will I have
to do a separate invoice for the sales tax every time I enter cash purchase
or vendor bill?
 
 
 

Sales Tax on Purchases to Offset Sales Tax on Sales

Post by Um9iIEJhZG » Sat, 17 Mar 2007 09:30:05

A UK version of the product is currently in Beta testing. It follows a
similar tax model similar to what you need I believe (VAT). It is still not
known if there will be an Express version of Office Accounting for the UK
though.

 
 
 

Sales Tax on Purchases to Offset Sales Tax on Sales

Post by U3RldmV » Sun, 18 Mar 2007 10:05:00

Thanks Rob. Well, I think Microsoft should release a version that does this.
It will be great for small business operators like me & as long as the
upgrade path is slick & easy I'll be happy to upgrade to a Microsoft
'paid-for' accounting system just as soon as I can afford one. It's a bit
like banks offering free banking to start up's. When we're making money we
won't want to move. Come on Microsoft. Steve.
Pawprintz New Zealand
http://www.yqcomputer.com/