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 Post subject: Tax declaration configuration
PostPosted: Fri Mar 09, 2012 9:07 pm 
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Joined: Sat May 08, 2010 7:45 pm
Posts: 260
Location: Montreal, Canada
I am trying to understand how to configure a tax and more importantly all the fields related to the Tax Declaration section.

I have checked the tax configuration in the generic chart of account, but there is 2 taxes, one for sale and one for purchase. I would like to configure only one and use it for sales and purchases.

For purchase :
Code:
Accounting Information
Invoice Tax Account : 110300 Tax Paid
Refund Tax Account : 110300 Tax Paid

Tax Declaration: Invoices
Account Base Code : Taxable Purchases Rated S (15%)
Base Code Sign : 1.00
Account Tax Code : Tax Paid Rate S (15%)
Tax Code Sign : 1.00

Tax Declaration: Credit Notes
Refund Base Code : Taxable Purchases Rated S (15%)
Base Code Sign : 1.00
Refund Tax Code : Tax Paid Rate S (15%)
Tax Code Sign : 1.00


For sale :
Code:
Accounting Information
Invoice Tax Account : 121000 Tax Received
Refund Tax Account : 121000 Tax Received

Tax Declaration: Invoices
Account Base Code : Taxable Sales Rated S (15%)
Base Code Sign : 1.00
Account Tax Code : Tax Received Rate S (15%)
Tax Code Sign : 1.00

Tax Declaration: Credit Notes
Refund Base Code : Taxable Sales Rated S (15%)
Base Code Sign : 1.00
Refund Tax Code : Tax Received Rate S (15%)
Tax Code Sign : 1.00


What would that be with one tax ?

Code:
Accounting Information
Invoice Tax Account :
Refund Tax Account :

Tax Declaration: Invoices
Account Base Code :
Base Code Sign :
Account Tax Code :
Tax Code Sign :

Tax Declaration: Credit Notes
Refund Base Code :
Base Code Sign :
Refund Tax Code :
Tax Code Sign :


Thank you.

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 Post subject: Re: Tax declaration configuration
PostPosted: Sat Mar 10, 2012 1:40 am 
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Joined: Wed Jan 27, 2010 6:21 pm
Posts: 1085
Location: Auckland, NZ
You can't really, because they need to be accounted for differently when you do a tax return. At least in all the jurisdictions I know of. Your tax received is a liability, and your tax paid is generally an asset although shown on the liability side of the balance sheet, usually with a view account which shows your net liability from adding the two.

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 Post subject: Re: Tax declaration configuration
PostPosted: Sat Mar 10, 2012 4:49 pm 
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Joined: Sat May 08, 2010 7:45 pm
Posts: 260
Location: Montreal, Canada
Based on your answer, I guess I have to duplicate all my taxes and specify one for sale and for purchase :cry: In the tax configuration, we should therefore be able to specify if it is a sales taxe or purchase one. Otherwise, we can be sure the wrong one will be chosen. Don't you think?

Regarding the tax return (I am not accountant, nor a fiscalist), do we have to declare the total amount of tax received and paid or only the difference? Assuming it's the same in Canada as in Australia.

On last question (also related to tax configuration), is this a bug or not ?
https://answers.launchpad.net/openobjec ... ion/190192

Thank you very much.

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 Post subject: Re: Tax declaration configuration
PostPosted: Sat Mar 10, 2012 6:54 pm 
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Joined: Sat May 08, 2010 7:45 pm
Posts: 260
Location: Montreal, Canada
max3903 wrote:
In the tax configuration, we should therefore be able to specify if it is a sales taxe or purchase one. Otherwise, we can be sure the wrong one will be chosen. Don't you think?


My bad, it's there :oops:

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 Post subject: Re: Tax declaration configuration
PostPosted: Sun Apr 15, 2012 4:17 am 
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Joined: Wed Feb 08, 2012 2:50 pm
Posts: 19
Location: Toronto, ON Canada
max3903 wrote:
Regarding the tax return (I am not accountant, nor a fiscalist), do we have to declare the total amount of tax received and paid or only the difference? Assuming it's the same in Canada as in Australia.

On last question (also related to tax configuration), is this a bug or not ?
https://answers.launchpad.net/openobjec ... ion/190192

Thank you very much.


Hi Maxime,

Regarding the tax return: the GST Return requires that you report several amounts in addition to the taxes paid and charged, including your total sales, total purchases, etc. It's a pretty simple return really.
http://www.cra-arc.gc.ca/tx/bsnss/tpcs/ ... u-eng.html
Being in Quebec, you'll also have to do a PST return, though I know nothing about those (I'm in Ontario and we only have the HST... one return and it's fantastically easy.)
I'm in the process of installing/configuring OpenERP and will be trying to figure out how to generate a report that quickly gives me the information I need to do this return. I'm used to Simply Accounting, which has a tax report like that built-in.

Regarding your bug question: that *looks* like a bug to me. I would expect the "Base of PST for Sales" to be $47,250.00 as well, but I'm just learning OpenERP. If I find out differently during my exploration of OpenERP I'll repost here.
Kind Regards,
KenW


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