Do you know that in AutoCount Accounting version 1.8 builds 14 revision 118, there is a new function to handle Gain/Loss for foreign currency?
From GST perspective, any Gain/Loss that you had in that particular taxable period, it should reflect at your GST-03 Form Item 12. Before this you will need to manually pass a journal in order to achieve this, however in our AutoCount Accounting 1.8 (revision 118) and above, the system has added a new function to automate this process. Below are the step by step instructions using a simple example so that you could understand it better.
1. Create an Invoice billing in USD, document rate 3.0, item worth 2,000 + GST 6% = 2120.
2. Proceed to AR Payment to make payment and knock off this invoice with the rate of 2.95.
3. The system will then prompt you that you will have a loss of 106 from the currency exchange.
4. Make sure your ES43 Tax Code is enabled at your Tax Code Maintenance.
5. Make sure you had set a gain loss account for the GST processor to post for the auto-generated journal.
6. Run GST Processor, click next until you reach GST on Realized Gain Loss. You can see your gain loss summary for the taxable period at the GST Processor window. If you do not have any gain loss, you may untick the check-box “Generate GST on Realized Gain Loss in Journal Entry”.
7. After click finish you can see that there is an amount tied to Tax Code ES43 at the tax summary and also appear at your GST-03 Form Item 12.
8. The auto generated journal is just to tie the amount of your gain loss to the tax code of ES43, which is 0%, therefore this journal value will always be 0.
The above are the step by step instructions to use this new Gain Loss function in AutoCount Accounting 1.8 GST Processor. Please check your settings for all those users that upgrade from the older version as the Tax Code and Gain Loss Account Setting under GST Processor is not auto assigned.
For those user that do not wish to upgrade into this version yet, PLEASE REMEMBER to pass a journal manually in order to reflect the amount in your GST-03 Form Item 12.
You can download this guide here: GST on Gain Loss in AutoCount Accounting
*Updated if experiencing Loss for that taxable period, the GST on Realized Gain Loss amount will post 0 as only Gain amount will need to report in the GST 03 Form.