Difference between revisions of "Alternate Australian GST setup"
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At the end of each accounting period if you owe the government money then you record the amount you paid it in '''Liabilities:GST:Paid'''. Or if the government owes you money then the amount you receive should be recorded in '''Liabilities:GST:Collected'''. | At the end of each accounting period if you owe the government money then you record the amount you paid it in '''Liabilities:GST:Paid'''. Or if the government owes you money then the amount you receive should be recorded in '''Liabilities:GST:Collected'''. | ||
| − | This simple scheme can easily be modified to be the same as the 3-account system. | + | This simple scheme can easily be modified to be the same as the 3-account system. In this scheme '''Liabilities:GST:Paid''' is exactly the same as in the 3-account system, but '''Liabilities:GST:Collected''' is given the rather confusing name of '''Liabilities:GST:Payable'''. To move to the 3-account system all you need to do is create a new account called: |
*'''Liabilities:GST:BAS''' | *'''Liabilities:GST:BAS''' | ||
This is where all of the GST money you pay the government is recorded. In the 3-account system this account is called '''Liabilities:GST:Payments'''. | This is where all of the GST money you pay the government is recorded. In the 3-account system this account is called '''Liabilities:GST:Payments'''. | ||
Revision as of 01:42, 19 April 2010
The following GST scheme is used by MYOB BussinessBasics.
Since GST is money you owe the government (or visa versa) you create an account called:
- Liabilities:GST
Then, to make your balance sheet more informative, you create two sub accounts:
- Liabilities:GST:Collected
- Liabilities:GST:Paid
Whenever you receive income you record the GST component in Liabilities:GST:Collected and whenever you make a purchase you record the GST component in Liabilities:GST:Paid.
At the end of each accounting period if you owe the government money then you record the amount you paid it in Liabilities:GST:Paid. Or if the government owes you money then the amount you receive should be recorded in Liabilities:GST:Collected.
This simple scheme can easily be modified to be the same as the 3-account system. In this scheme Liabilities:GST:Paid is exactly the same as in the 3-account system, but Liabilities:GST:Collected is given the rather confusing name of Liabilities:GST:Payable. To move to the 3-account system all you need to do is create a new account called:
- Liabilities:GST:BAS
This is where all of the GST money you pay the government is recorded. In the 3-account system this account is called Liabilities:GST:Payments.
