GST will be one tax to subsume all taxes. “One nation one tax” regime.
GST will bring in much clarity in many areas of business.Read on to find out about accounting entries under GST. One of the areas is accounting and bookkeeping. Current scenario:
Separate accounts have to be maintained for excise, VAT, CST and service tax. Here’s a list of the few accounts currently any business has to maintain (apart from accounts like purchase, sales, stock) –
http://www.askproadvisor.com/question/how-do-you-record-a-journal-entry-as-gst-inclusive/
GST will bring in much clarity in many areas of business.Read on to find out about accounting entries under GST. One of the areas is accounting and bookkeeping. Current scenario:
Separate accounts have to be maintained for excise, VAT, CST and service tax. Here’s a list of the few accounts currently any business has to maintain (apart from accounts like purchase, sales, stock) –
- Excise payable a/c (for manufacturers)
- CENVAT credit a/c (for manufacturers)
- Output VAT a/c
- Input VAT a/c
- Input Service tax a/c
- Output Service tax a/c
- Output VAT a/c
- Input VAT a/c
- CST A/c (for inter-state sales and purchases)
- Service tax a/c [He will not be able to claim any service tax input credit as he is a trader with output VAT. Service tax cannot be set off against VAT/ CST]
- QuickBooks Payroll support services
- QuickBooks point of sale support
http://www.askproadvisor.com/question/how-do-you-record-a-journal-entry-as-gst-inclusive/
informative blog!
ReplyDeleteYou can fix the PS033 error by renaming the CPS folder to CPSOLD by locating the folder.
For better assistance in fixing Quickbooks error PS033, call QBS solved at +1(888) 910 1619