Difference between revisions of "Alternate Australian GST setup"

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(Simple GST scheme from MYOB)
 
(note about moving to 3-account system)
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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'''.
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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:
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*'''Liabilities:GST:BAS'''
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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 01:03, 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.