Specifies the general posting type that to use when posting to this account. The code defines whether the account will be used only in connection with sales or purchase transactions or with both kinds of transactions.
The program uses the Gen. Posting Type field, together with the GST Bus. Posting Group and GST Prod. Posting Group fields, to find the account to which the program posts GST.
The Gen. Posting Type field should be filled in only for revenue and expense accounts where GST is involved. For other accounts, select Blank.
To see the general posting types that are available, choose the field.
<Blank> | Select this option for accounts used with transactions that do not involve GST calculation. |
Purchase | Select this option if the account will be used with purchase transactions. The program uses the information to calculate the correct input tax credit and post it to the account for input tax credit. |
Sale | Select this option if the account will be used with sales transactions. The program uses the information to calculate the correct GST and post it to the account for GST. |
If you do not enter anything, the Gen. Posting Type will be Blank.
When you post entries to this account, the program will automatically generate entries in the GST Entry table unless the Gen. Posting Type field is Blank.
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