Btw gst is a liability period so all accounts are liabilities particularily gst collected. Gst paid may seem like an asset be technically it is a contra account.
You are smarter than some accountants that try to track everything in a single account. But then again, what does an engineer know about accounting. ------Original Message------ From: Kin Wong Sender: [EMAIL PROTECTED] To: CLUG General ReplyTo: [EMAIL PROTECTED] ReplyTo: CLUG General Sent: Sep 29, 2008 23:10 Subject: Re: [clug-talk] GNU cash anybody ? What the heck are you asking accounting questions this late at night, don't you know accountants go to bed at 8. To answer your gst questions, you should set up 3 gst accounts. The first is a gst account under liabilities because you are essentially collecting tax for the government. No daily transactions will go into this account. Setup two sub-accounts one called gst paid (this be your a/p and other purchases and expenses) and the other gst collected (this be your a/r and other revenue) - reverse the order of these two accounts, they should sort alpha anyways but just in case. Just to keep things clean, do a journal entry to clear out the values in the two sub-accounts to the main account at the end of the gst period - the net ammount is what you pay revenue canada if you were successful running your business. ------Original Message------ From: Peter Van den Wildenbergh Sender: [EMAIL PROTECTED] To: CLUG General ReplyTo: CLUG General Sent: Sep 29, 2008 21:48 Subject: [clug-talk] GNU cash anybody ? Hi List, I am playing with GNUcash and was wondering if somebody on the list is actively using it for a Sole Prop. type of biz.? I've enough accounting knowledge to stumble through most of the stuff. The only issue I have is how/where do I set up the 2 5% GST accounts? (GST paid/payable) I assume that GST on A/R are liabilities and GST on A/P are under Assets? (More an accountant question than a linux Q... :-s ) The screen that pops-up after doing Edit-->Tax options doesn't make sense to me... Thanks Peter _______________________________________________ clug-talk mailing list [email protected] http://clug.ca/mailman/listinfo/clug-talk_clug.ca Mailing List Guidelines (http://clug.ca/ml_guidelines.php) **Please remove these lines when replying Sent from my BlackBerry device on the Rogers Wireless Network _______________________________________________ clug-talk mailing list [email protected] http://clug.ca/mailman/listinfo/clug-talk_clug.ca Mailing List Guidelines (http://clug.ca/ml_guidelines.php) **Please remove these lines when replying Sent from my BlackBerry device on the Rogers Wireless Network _______________________________________________ clug-talk mailing list [email protected] http://clug.ca/mailman/listinfo/clug-talk_clug.ca Mailing List Guidelines (http://clug.ca/ml_guidelines.php) **Please remove these lines when replying
