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GST on Credit Card Charges (Manually)

GST on Credit Card Charges (Manually)

Owned by Jia Pei Chan
Last updated: 2015-Sept-03

Below is the conclusion, at least for now :

GST on credit card charges will not be automated.
There are 2 ways to record GST on credit card charges :
Option 1 : continue to use Card Payment Config to auto calculate credit card charges

  • Create PV 

For the GST on (Credit Card) cc charges.

    • Debit         : gst_contra
    • Credit        : cashbook_gl

  • Do GST Adjustment

    • Debit         : gst_Input 
    • Credit       : gst_contra



      ** Notes:
    1. If not create new glcode (new_gst_for_cc_charges_gl ) , can use gst_contra glcode
    2. The "cashbook_gl" refer to your credit card configuration "Preferred Cashbook" posting cash book



Option 2 : stop using Card Payment Config to auto calculate credit card charges

  • Create PV just for the CC charges + GST
    • Debit       : credit_card_charges_gl (and specify Input Tax for this GL)
    • Credit      : cashbook_gl





  • ** Notes:
  1.  if not create new glcode (new_gst_for_cc_charges_gl ) , can use gst_contra glcode
  2. the "cashbook_gl" refer to your credit card configuration "Preferred Cashbook" posting cash book

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