help with tax tables

[Brian]

On Sun, 2005-12-06 at 21:03 -0400, Phil Longstaff wrote:
> On June 12, 2005 08:19 pm, Kevin Hale Boyes wrote:
> > I'm setting up a Tax Table for Canadian GST.  I've set the type to
> > Percent with a value of 7 but I'm a bit confused about what account
> > to assign it to.
> >
> > I have to charge GST when I submit my invoice and then remit
> > it to the government on a quarterly basis.  So, I guess the GST
> > is an asset but only for a little while.  But this doesn't sound correct.
> 
> It is a liability.
> 
> Phil

I followed the instructions in the FAQ (I think it was there) about
setting up for the GST.  It works good.  I know it sounds wrong, but I
got used to it and it makes sense now.   I set up one master account
under Current Liabilities Called GST.  Then three sub accounts like
instructed, 1 for GST collected from sales, 1 for GST paid (it enters as
a negative liability from vendor bills), 1 for payments made to Revenue
Canada.  The 3 sub accounts will total up to the master account to show
what the running balance is with Rev. Can.

-- 
Brian <dol-sen at telus.net>