Understanding Financial Summaries in Buildxact
When working with financial summaries in Buildxact, users may notice discrepancies between different totals displayed in various sections of the application. These differences are often due to the inclusion or exclusion of GST (Goods and Services Tax). Below, we explain two common scenarios where such discrepancies occur and clarify how GST impacts the displayed totals.
NET Amount vs. Order Total
In Buildxact, the NET total represents the sum of order values excluding GST, while the order total includes GST. The order total is calculated as:
Order Total = NET Total + GST
If you see two subtotals in a summary, these are the order totals inclusive of GST. This distinction is important for understanding the financial breakdown in work orders or purchase orders.
Estimate Total vs. Contract Amount
Another common discrepancy arises between the estimate total and the contract amount displayed in the Outgoing Invoices tab. The key difference is:
The estimate total is GST inclusive.
The contract amount is GST exclusive.
This means the contract amount shown in the Outgoing Invoices tab does not include GST, leading to a lower displayed total compared to the estimate total.
Key Takeaways
Always check whether a total is GST inclusive or exclusive to understand discrepancies.
NET totals exclude GST, while order totals include GST.
Estimate totals are GST inclusive, whereas contract amounts in certain tabs may be GST exclusive.
By understanding these distinctions, you can better interpret financial summaries and ensure accurate cost management in Buildxact.