If you would like to set up GST/VAT rates in the GoFreight system, please contact the GoFreight Support Team. We will guide you through the setup process, including how to configure the appropriate G/L Codes (General Ledger Codes) and Billing Codes for these tax rates.
By default, only users with the roles of Admin or General Manager have permission to configure G/L Codes and Billing Codes.
This article provides step-by-step instructions on how to set up G/L Codes and Billing Codes for GST/VAT rates.
- Navigate to the G/L Code Settings: Go to "Settings" > "Accounting" > "G/L Code".
- Set Up GL Codes: Establish two GL Codes for the GST/VAT billing code. Ensure to consult with your accountant beforehand.
- Suggestion:
- Output Tax: Liability
- Input Tax: Asset
- Navigate to the Billing Code Settings: Go to "Settings" > "Accounting" > "Billing Code".
- Set Up the Billing Code: Create one Billing Code for GST/VAT, again consulting with your accountant as necessary.
- Suggestion:
-
- Name: GST/VAT
- Assign GL Code to Revenue: Output Tax
- Assign GL Code to Cost: Input Tax
- Assign GL Code to Credit: Input Tax
- Assign GL Code to Debit: Output Tax