In this page you can setup your tax code and tax settings for your company.
To access Tax Settings, click on the Account Book Setting > Tax Settings. You will need to enable your tax system to see this function. Tax system can be enabled at Account Book Setting > Settings > Under General > Tax > Tax System.
First time Setup
If the company had not setup any tax code or tax settings before, a wizard will prompt to guide you throughout the setup process. In this case, we will be using Singapore GST System as an example.
1. A wizard will prompt for you to key in your Company GST start date (when does your company start charging GST) and how often does your company is required to submit GST. You can also key in your Tax Registration No. at the field provided.
2. After that, it will prompt to ask if you are selling any zero-rated products.
3. Next, it will prompt to ask if you are importing goods from oversea.
4. Moving on, it will prompt to ask if you wish to generate proposed GST Accounts? These are the accounts such as Input Tax, Output Tax etc. which is usually used together with tax.
5. After completing the questions prompt by the wizard, click “Finish”.
6. After clicking on the “Finish” button, it will prompt and list out the proposed GST accounts to be generated, tax settings and which tax code to enable.
7. You can make any modification if needed such as enabling additional tax code that your company might apply. If no more modification is required, click on the “Save” button to complete your tax setup.
8. You will then be able to see those tax codes are enabled for your company.
Additional Notes:
After setting up your tax codes, you should be able to select tax codes when performing transactions.
Tax Mapping
In any case that if you had created your own tax code before the implementation of this tax setup, you would need to map those tax code to our Govt. Tax Code. By mapping those own created tax code to our system Govt. Tax Code, system will then only able to know and link to the correct box in IRAS GST F5 report.
To perform such mapping, you can do it Tax Setting > Tax Mapping. It will list out your available tax code that you created by your own and you can select the appropriate Govt. Tax Code.
