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Need assistant in Absorbing Tax formular

on 5/11/13, 2:04 AM 675 views

Hi All,

Firstly, let me show the example:

--------------------------- Standard Tax Requirement ----------------

Assume that you wish to sell a good at $10,000. If you do not absorb the GST, you will charge your customer$10,700 ($10,000 + GST $700).

If you choose to absorb the GST, $10,000 is treated as inclusive of GST. You need to derive the GST amount by multiplying the selling price with the tax fraction 7/107.

GST = $10,000 X 7/107 = $654.21 Amount payable excluding GST = $10,000 - $654.21 = $9,345.79

---------------Above is the Standard GST requirement in my country ------


The only way I can think of is to create a product with tax, Create a price list without tax and use a formula like such:

---------------To absorb the Tax I'm using this computation below ----- Price Computation

Based on Public Price New Price = Base Price * ( 1+ -0.06542056 ) + 0.0000

Rounding Method 0.0000 Min. Margin 0.0000 Max. Margin 0.0000

** How do I configure this formula in the Price Computation as I tried many ways but landed me to wrong results if there are multiple product in the price line.

Current Results:

Sweet Roll 100.00 Packet 7% GST 0.93 0.00 93.00

                Untaxed Amount  93.00 $
                Taxes       6.51  $
                Total (update)  99.51 $

I believe the total showing wrong, it should be $100.00

** Found out that if Sales QTY is only 1 - the price result is correct but if increase the sales QTY to 100 - the answer will be wrong.

Sincerely appreciate with any help.

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Asked: 5/11/13, 2:04 AM
Seen: 675 times
Last updated: 3/16/15, 8:10 AM