Tax doesn't show on payment

For the discussion of issues affecting the day to day running of all MoneyWorks products.
Forum rules
This forum is not the official Cognito Software support channel for MoneyWorks. If you need help from Cognito, then please contact us (or your local regional support representative) directly using the contact information on the Support page of the web site.

Please try the search facility before posting a new topic to see if your topic has already been covered.

If you do post a new topic, it's a good idea to choose a Topic Subject that it a bit more informative than "Help!" or "A problem". If your topic is actually recognisable by people scanning the forum, you'll have a much better chance of getting a response. Thanks and have fun.
Post Reply
Mags
Posts: 2
Joined: 19 Mar 2008 12:20

Tax doesn't show on payment

Post by Mags » 19 Mar 2008 12:27

I'm new to MW. I have set up the tax rates and since I'm in Ontario I have selected two tier system however when I enter a payment, the tax does not compute. I make sure that the appropriate tax code is input on the transaction but it still doesn't compute. Tax period is set for one year and the financial periods are set for each month. What am I doing wrong?

User avatar
mikeguil
Posts: 192
Joined: 29 Nov 2006 09:49
Location: Elmvale, Ontario
Contact:

Post by mikeguil » 19 Mar 2008 23:29

Hi Mags,

Can you post what your settings are? The Tax Period for one year doesn't sound right - in Ontario you should probably set the the tax cycle to Monthly.

When you say the tax doesn't 'compute' - do you mean it doesn't add the tax or the calculated tax isn't correct?

Mags
Posts: 2
Joined: 19 Mar 2008 12:20

Post by Mags » 20 Mar 2008 11:18

Hi Mikeguil,

Tax Preferences:
I need to account for tax - yes
Use two tier system - yes

Basis for calculation of tax: Payment Basis (Inc & Ex)

Tax Cycle:
Changed to monthly per your suggestion and made end date the end of the current cycle I'm working in (ie 31/03/08)

GST Rates:
Code E = GST Exempt 0%
Code G = GST Only 5%
Code P = PST Only 8%
Code T = GST & PST 13%
All GST & All PST - not checked

When I input a payment, I type in the amount in the "Amount" box, paid by Cheque. In the detail summary I choose the appropriate account code and account name, type in my description and when I tab to the TC column I in put the code "T" and then type in the entire invoice amount in the "gross" column. At this point the "net" amount inputs automatically and is the same as the "gross" amount and the "tax" column remains at 0.

I'm concerned about manually typing in the tax amount because I'm not convinced that it will allocate properly to the tax accounts.

Any help you can provide is greatly appreciated.

User avatar
mikeguil
Posts: 192
Joined: 29 Nov 2006 09:49
Location: Elmvale, Ontario
Contact:

Post by mikeguil » 20 Mar 2008 14:11

I'm afraid I'll have to take a closer look when I get back from a trip on Tuesday (Mar.25) - heading out tomorrow morning early.

If anyone else can comment in the meantime, please do.

Straightline
Posts: 46
Joined: 04 Jul 2007 10:12
Location: Prince George BC Canada
Contact:

Auto calculation

Post by Straightline » 24 Mar 2008 02:40

Mags

I haven't be able to duplicate your problem but please try this.

Go to "Document Preferences"
Under the "Data Entry" tab you will see "Auto-Calculate Transaction Total for:"

Check all four of the boxes

Money Works should, then, calculate totals on the fly. You should also be able to make entries in the net column, tab to the "TC" column to enter the tax code there and the total should be reflected in the "Amount" Box.

when I tab to the TC column I in put the code "T"

What is in the "TC" column before you tab to it?

Dave

Choose an account code for something like "Office Supplies" from your account list and click the modify button. Is the tax code set to "T"?
Dave

Post Reply