Difference between revisions of "Alternate Australian GST setup"
BrendanSimon (talk | contribs) (Added a variation on the 3-account setup for GST. Is this a 4-account setup ??) |
BrendanSimon (talk | contribs) (Add more explicit account names) |
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| Line 30: | Line 30: | ||
****'''BAS''' (net gst payments to ATO) | ****'''BAS''' (net gst payments to ATO) | ||
***'''Purchases''' | ***'''Purchases''' | ||
| − | ****'''Paid''' (on purchases) | + | ****'''Paid''' (gst paid on purchases) |
****'''BAS''' (net gst refunds from ATO) | ****'''BAS''' (net gst refunds from ATO) | ||
| + | |||
| + | You are free to change the names to be more explicit if it makes things easier for you :) | ||
| + | |||
| + | *'''Liabilities''' | ||
| + | **'''GST''' | ||
| + | ***'''Sales''' | ||
| + | ****'''GST Received''' (gst received from sales) | ||
| + | ****'''BAS Payments''' (net gst payments to ATO) | ||
| + | ***'''Purchases''' | ||
| + | ****'''GST Paid''' (gst paid on purchases) | ||
| + | ****'''BAS Refunds''' (net gst refunds from ATO) | ||
---- | ---- | ||
Revision as of 10:45, 19 July 2011
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.
Another variation of the 3-account setup is to have the BAS payments (or refunds) as seperate sub-accounts, rather then entering the transactions directly in the Collected and Paid accounts.
- Liabilities
- GST
- Sales
- Collected (gst received from sales)
- BAS (net gst payments to ATO)
- Purchases
- Paid (gst paid on purchases)
- BAS (net gst refunds from ATO)
- Sales
- GST
You are free to change the names to be more explicit if it makes things easier for you :)
- Liabilities
- GST
- Sales
- GST Received (gst received from sales)
- BAS Payments (net gst payments to ATO)
- Purchases
- GST Paid (gst paid on purchases)
- BAS Refunds (net gst refunds from ATO)
- Sales
- GST
