GST calculation

[topaznz]

I'm in the mist of completing a financial tracking system which talks directly with our default accounting system.

I'm trying to create a caluclation within a table to do the following.

If "GST status" = Yes, then divide "Amount" by 8 .

The good thing about FM is I can ask small questions and apply them to many other situations I get myself into. I have just finished a automated client database for a treatment centre.

I'd apprecitate any advice for the calculation I'm trying to achieve.

Regards, Topaz

[bcooney]

CalcField = If (GST_Status = "Yes", Amount/8, "")

I must be missing something, that was too easy.

[comment]

If GST is a tax, then this is not a good approach. Tax rates change, and they should not be hard-coded into calculation fields.

P.S. Divide by 8? Who has a tax rate of 14.2857142857%?

[Kiwi]

If topaznz is in NZ then you should divide by 9.

100 / 12.5 = 8 but as you have already added the GST component you need to use 112.5 / 12.5 which is 9.

hope that makes cents!

Edited July 27, 2007 by Guest

[topaznz]

LOL yes yes, I'm a little bit of a simple novice with all this still - some may say thick but we won't go there. Thank you all for your help, will go take a crack at it!

Your right Kiwi; divide by 9, for some stupid reason I was thinking I was entering GST exclusive figures. Thanks.

bcooney; This is most likely 1 of several silly questions that will tap out of my finger-tips over time. Thank you for the calculation!

Cheers everyone for your valuable assistance!

Topaz

[Genx]

You guys have 12.5% gst? And you get charged on the basics - at least we only pay like 10% and don't get charged on our "non-luxury" items - like bread lol.

But then you guys don't have Capital Gains Tax do you... hmmm, good place to make some money me thinks.

[bcooney]

I'd like to chime in with comment. I didn't realize this is a tax rate calculation. You should take the rate part out of this calculation and reference it instead. Store it in a Pref table. Then when the rate changes, you just change the pref value, not the calculation.

[comment]

LOL, if you're going to chime in with me, then suggest doing a lookup of the current rate and referencing the lookup, not the current rate.

[bcooney]

Ahh, of course, comment. Kinda assumed the lookup didn't I? Just thought that your point of separating out the rate was lost in the discussion.