Setting Up GST Accounts

YouTube: HOW TO SETUP A NEW ACCOUNT AND MODIFY AN OLD ACCOUNT IN LOGIC ERP?

Methods to Setting Up GST Accounts in Logic ERP:

Creating a New GST Account:

• Navigate to the Main Menu and then Expand "Setup".

• Select "Setup Accounts" and then Click on "Setup New Account".

Enter Basic Details

• Account Name: Enter the name of the account (e.g., GST Purchase 5%).

• Account Type: Select Purchase.

• Stock Category: Allocate GST percentage (if applicable).

• Default Tax: Define Default Tax (e.g., 5%).

• Define GST Type: Select Taxable or Tax-Free.

Creating GST Input Accounts:

• Account Name: Enter the name of the account (e.g., CGST INPUT 2.5%).

• Account Type: Select "CURRENT LIABILITIES".

• Sale Tax A/c: Make sure to tick the Sales Tax A/c.

• Default Tax %: As soon as you tick the (Sale Tax A/c) checkbox, the option to define the default Tax % will appear. Here, you will define 2.5%.

• GST Type: Since we are creating a CGST Input account, we will select CGST.

• Input/Output: Now, we will select "Input" here.

Similarly, you will create an SGST Input account.

Creating GST Output Accounts:

• Account Name: Enter the name of the account (e.g., CGST OUTPUT 2.5%).

• Account Type: Select "CURRENT LIABILITIES".

• Sale Tax A/c: Make sure to tick the Sales Tax A/c.

• Default Tax %: As soon as you tick the (Sale Tax A/c) checkbox, the option to define the default Tax % will appear. Here, you will define 2.5%.

• GST Type: Since we are creating a CGST Output account, we will select "CGST".

• Input/Output: Now, we will select "Output" here.

• Similarly, you will create an SGST Input account.

Similarly, you will also need to create SGST Output, IGST Input, and IGST Output accounts.