If you have set up the GST features correctly, GST is calculated and posted automatically.
You must report the volume of your trade with European Union (EU) countries/regions to the tax authorities, even if no amount has to be settled. Refer to the guidelines provided by your country/region's tax authorities for reporting requirements and instructions.
Every posting that involves GST creates an entry in the GST Entries window. These entries are used to calculate your GST settlement amount (payment or refund) for a specific period.
You can also use general ledger entries to calculate the settlement amount if you set up accounts on the chart of accounts for this purpose. (See the Type field on the GST statement line.) Note, this method does not follow the format used by the tax authorities on the GST statement.
You can use a GST statement to calculate the GST settlement amount for a period. You can then print a GST statement and copy the information onto a payment slip.
GST is not calculated on sales to GST-liable companies in other EU countries/regions. You must report the value of such sales separately. You can use the VAT - VIES Declaration US Tax Auth. report to produce the declaration.
You can use the Calc. and Post GST Settlement batch job to close the GST entries and transfer purchase and sales GST amounts to the GST settlement account.
The following table describes a sequence of tasks, with links to the topics that describe them. These tasks are listed in the order in which they are generally performed.
| To | See |
|---|---|
Post a journal where the entire amount must be treated as GST, for example, if you receive a GST invoice from the tax authorities for imported goods. | |
Post a purchase invoice where the entire amount must be treated as GST. | |
View entries that have been created by posting GST. | |
Define how the GST statement will be calculated. | |
Preview a GST statement on screen before printing the statement. | |
Print a GST statement that you can use to fill in the payment slip for the tax authorities. | |
Create a periodic GST report that can be submitted to the tax authorities. | |
Print a VIES report for sales to other EU countries/regions. | |
Close the open GST entries and post the net settlement amount to the GST settlement account. |