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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.
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: 621 times|
|Last updated: 3/16/15, 8:10 AM|