Hi all, I’m in Malaysia. Some of my suppliers are manufacturers. In Malaysia, manufacturer has to charge a 10% sst on the item sold.
As for us. We don’t charge any tax to our customers and we don’t pay any sales tax to government.
For example: a sofa cost $1000, sales tax 10%, so the actual cost will be $1100. some supplier will separate the item cost and tax in their invoice, some will included together.
I want to know how to setup the tax for the purchase item. Or can I ignore the tax and just include it in the item price so the valuation of the item cost will be accurate?