Hi Liz; I guess we should do similar activities in tracking GSTs, except I don't handle company tax.
I have an account structure: GST GST:GST Sales [L] GST:GST Purchases [A] GST:GST BAS [A] My sales are recorded as: Income:Sales -$1000 GST:GST-Sales -$100 Asset:Bank +$1100 My purchases are recorded as: Expenses:Purchase +$200 GST:GST-Purchase +$20 Asset:Bank -$220 Every end-quarter I'll transfer the balance of [GST Sales] and [GST Purchases] into [GST BAS], so that GST Sales & Purchase now have a balance of zero. 30/09/12 Accumulated GST on Sales GST:GST Sales +$2,345.67 GST:GST BAS -$2,345.67 30/09/12 Accumulated GST on Purchases GST:GST Purchases -$2,000 GST:GST BAS +$2,000 The [GST BAS] account will then be settled via ATO transfer. 30/10/12 ATO BAS and PAYG GST:GST BAS -$345.67 Expenses:Income Tax +$(TOO_MUCH + 345) Asset:Bank -$TOO_MUCH and because the ATO doesn't care about GST cents, I create a rounding transfer: 30/09/12 GST Rounding GST:GST BAS +$0.67 Equity:Rounding -$0.67 As a result, all these GST accounts are regularly reset to zero, and the equity rounding account hovers around zero. On Tue, 6 Dec 2022 at 16:56, Liz <[email protected]> wrote: > On Tue, 6 Dec 2022 00:57:44 -0600 > Adrien Monteleone <[email protected]> wrote: > > > Liz, > > > > I just ran the chart for myself and indeed, it appears your > > Liabilities are backwards. That is, if you owe money, they should > > have a Credit balance, but yours show as Debit balance. (The *normal* > > balance of a Liability account is Credit, not Debit) > > > > What is your preference setting for Accounts > Reversed Balanced > > Accounts? > > > > If it is "none" or "Income & Expense" then your Liability accounts > > will show as negative amounts in the Accounts tab if they are a > > Credit balance. > > > > If it is "Credit accounts" then they will show as positive on the CoA. > > > > If your balances are opposite of that, then your balances are > > reversed. (they are 'contra balances' from what is normally expected) > > > _______________________________________________ gnucash-user mailing list [email protected] To update your subscription preferences or to unsubscribe: https://lists.gnucash.org/mailman/listinfo/gnucash-user ----- Please remember to CC this list on all your replies. You can do this by using Reply-To-List or Reply-All.
