Difference between revisions of "Alternate Australian GST setup"
From GnuCash
(Simple GST scheme from MYOB) |
(No difference)
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Revision as of 06:12, 4 July 2008
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.