(One would think that after 31 years of GST this would be simple....)
Background: we have ALWAYS manually adjusted - either in Excel reports (VISA or expense reports) the GST on F&B items such that both GST ITC (at 50%) and expenses are properly reported. Posting into SAGE 50 CDN (current version).
eg: $105.00 expense (let's ignore tips). GST = 5% included in the amount shown; Entry is then $2.50 to GST ITC and the remainder of $102.50 to F&B expense.
Now attempting to integrate AutoEntry into Sage 50 CDN accounts means playing with Tax Codes (which I've not needed to do for most of those years).
I am unable to come up with a solution that works. Tested using A/P. I've set up a separate F&B GST code and account to hold these (in case I can only do it at 5% and will need to adjust later).
Problem: Copying the structure of the "5% GST included" (which works fine), but using a rate of 2.5% yields the odd amount of $2.56 in GST ITC. This is wrong: $105.00 x (2.5/105) = $2.50
(Yes, I used $10,500 in the above to see if there were more decimals...)
... it's GOT to yield the correct amount ...but I can't seem to figure out why it doesn't....
What am I missing?
