VAT/GST and tax related Categories
You can enable VAT/GST so that specified categories have a tax rate and a tax category assigned.
Once a category has been assigned a tax rate and tax category, any new transactions assigned to that category can be split into two parts -
- the tax part
- and the normal income/expense part.
The tax part of the transaction will be assigned to the specified tax category.
You should follow the steps in this article to enable VAT/GST in your data file.
The article explains how to enable VAT/GST for the relevant categories.
Then set the VAT/GST rates, and specify which category the taxes will be assigned to.
You can also specify an income or expense category as “Tax Related.”
Select the account in the side bar.
Then select Account > Edit Account.
In this window, enable the "Tax Related" box, and press OK.
This will make reporting easier at tax time.
When using either the "Income and Expenses" report or the "Income and Expenses, Detailed" report, you can enable the setting "Only Tax Related".