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Simply Accounting phần 9

Người sử dụng lao động cần các thông tin khấu trừ để có thể để hoàn thành và ban hành các phiếu T4 để mỗi nhân viên vào cuối mỗi năm dương lịch, và để có thể trả lời bất cứ câu hỏi các nhân viên có thể có liên quan đến các thành phần của paycheques của họ. Cả hai của người sử dụng lao động và hồ sơ của các nhân viên nên được cập nhật mỗi lần một tập hợp các giao dịch biên chế. | Tax Considerations in Accounting for Inventory Tax Considerations in Accounting for Inventory This section tells you how to account for the goods and services tax GST and the provincial sales tax PST in the purchase and sale of inventory. Goods and Services Tax In 1991 the Goods and Services Tax GST replaced the Federal Sales Tax FST . You should consult an accounting professional and Revenue Canada for the latest GST information and for advice on the impact the tax will have on your particular business. The GST that you pay on purchases for use in your business or for resale may qualify as an input tax credit. If it does the GST is not an expense or a cost of inventory. You account for it separately and claim it back from the government. When a company buys inventory it pays GST on GST-taxable items . The seller can charge for the tax in one of two ways either included in the price of the item or excluded. For example if a company purchases an inventory item and GST is included in the selling price the invoice line looks like this Widget 107.00 GST included If the company purchases the same inventory item but GST is excluded from the selling price the invoice looks like this Widget 100.00 GST 7.00 Total 107.00 19-8 Simply Accounting Tax Considerations in Accounting for Inventory Either way the cost of the inventory is 100 and the GST paid on the purchase is 7. The journal entry to record the addition to inventory is 1160 Product Line A Debit 100.00 Credit 2490 GST Paid on Purchases 7.00 1100 Cash 107.00 When your company sells inventory the customer pays GST on GST-taxable items . As the seller you must decide whether or not to include GST in the selling price. If the GST is included in the price your revenue is less than the selling price since a portion of the selling price is tax you are collecting on behalf of Revenue Canada. For example if you sell an item for 214 with the GST included you can calculate the real price by working backwards as follows Selling .