GST Rounding option

GST Rounding option

By default, the system calculates the GST Amount of each line item before summing up each line item's GST Amount to form the Document total GST Amount.
(The figure displayed in "7% GST" field of the document)

If you would like to change how a document's total GST figure is displayed, you may use the following setting:
(Navigation: Setup > Company > Company Setting)


Selecting 'Yes' for a module will make the document's final GST figure 7% of the document's subtotal amount, and seem as if it was calculated using the following formula.
[Formula]:  Document total GST Amount = (Document Subtotal Amount ×  0.07)

However, the above formula is not the proper way of calculating GST.
Hence, the difference* will be updated to the last item row of that document in order to make the numbers look correct.

*Difference in amount between the correct total GST amount and the displayed total GST amount


If you calculated each line item's GST, summed it together and ended up with a figure different from the system's calculated figure, read below.

After each line item's GST Amount is calculated, it is then rounded off to 2 decimal points before being summed up into the document's total GST Amount.
Refer to the attached Excel file which shows (with example) how GST is calculated and tabulated in the accounting system.
The formula is set in accordance to IRAS requirements.

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