Jamie Honan wrote:
..snip...
> Is anyone doing this at present?
NO - using MYOB accounts as I need the inventory.
> Is it enough to split each transaction?
This is the easiest, and you can simply list the GST account
transactions for a list if needed. Remember GST payable is a liability
on your balance sheet if you set up your own accounts.
> I notice that MYOB First Accounts
> (damn accountant made me buy it :) has a pretty gross GST handling
> mechanism. It's 10%, no allowance for variations etc.
In full accounts I can set GST as default or enter one of the Tax codes,
like FRE when I enter the transaction. So the business share of vehicle
expenses for the quarter went in as two transactions, one GST'd and one
FRE'd. I'm surprised that you really needed any accounting package. I
have a friend running a beauty shop and they get by with a spreadsheet
quiet easily.
>
> Hmm. I wish there was a user level help group in this area.
Myob?
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