Frequently Asked Questions
How do I enter wholesale sales of wine with the 29% WET calculated?
Last Updated 7 years ago
If you are applying the 29% WET on the wholesale price and then 10% GST on the total of wholesale price + WET then you can do this in both Bookkeeping version 3 and Bookkeeping Pro and Standard.
To do this create a new sales tax code with the following values:
(Bookkeeping version 3) Sales Tax Code: WET1
Display Name: GST
Percent: 10
Sales Tax Description: GST on WET
(Bookkeeping Pro/Standard) Buckets For Total Collected: G01
(Bookkeeping Pro/Standard) Buckets For Total Paid: G11
Then add a "Sub Sales Tax Code" to this code with the following values:
(Bookkeeping version 3) Sales Tax Code: WET2
Display Name: WET
Percent: 29
Sales Tax Description: WET
Then use the above (WET1) sales tax code on your sales.
For example if you sell at a wholesale price of $100 then $29 will be collected for WET and $12.90 will be collected for GST.
Note: In Bookkeeping version 3 you need to specify the sales tax code, this is done for you in Bookkeeping Pro and Standard. Also, in bookkeeping Pro and Standard there are buckets for calculating the BAS worksheet on the consolidated tax statement.
In Bookkeeping version 3 you can use the Tax Summary By Tax Code Report to view the total amounts collected during a period.
In Bookkeeping Pro and Standard you use the Consolidated Tax Statement.
To do this create a new sales tax code with the following values:
(Bookkeeping version 3) Sales Tax Code: WET1
Display Name: GST
Percent: 10
Sales Tax Description: GST on WET
(Bookkeeping Pro/Standard) Buckets For Total Collected: G01
(Bookkeeping Pro/Standard) Buckets For Total Paid: G11
Then add a "Sub Sales Tax Code" to this code with the following values:
(Bookkeeping version 3) Sales Tax Code: WET2
Display Name: WET
Percent: 29
Sales Tax Description: WET
Then use the above (WET1) sales tax code on your sales.
For example if you sell at a wholesale price of $100 then $29 will be collected for WET and $12.90 will be collected for GST.
Note: In Bookkeeping version 3 you need to specify the sales tax code, this is done for you in Bookkeeping Pro and Standard. Also, in bookkeeping Pro and Standard there are buckets for calculating the BAS worksheet on the consolidated tax statement.
In Bookkeeping version 3 you can use the Tax Summary By Tax Code Report to view the total amounts collected during a period.
In Bookkeeping Pro and Standard you use the Consolidated Tax Statement.