I use gnucash for my business. For GST I haven't used the Edit->Tax Options dialog.
To setup GST I use the three account GST scheme described here: http://wiki.gnucash.org/wiki/FAQ ie. under Liabilities I have: GST Paid Payable Payments Then under Business->Tax Table Editor add entries for GST Paid and Payable at 5% each going to the applicable account. When creating an invoice select GST Tax. So far my tax accountant hasn't complained with the way it is setup. Carl On Tue, 2008-09-30 at 05:10 +0000, Kin Wong wrote: > 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 _______________________________________________ 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
