gnucash-user Digest, Vol 167, Issue 1

[Nelson Handcock]

Thanks - waiting for the ATO portal to be accessible so I can submit my
BAS.... *sigh*

Thanks & Regards,

Nelson Handcock
0409 149919

http://www.linkedin.com/in/nelsonhandcockaustralia

On Sun, Feb 5, 2017 at 10:12 AM, Tuomo Hartikainen <tth at harski.org> wrote:

> On 2017-02-02 09:08, John Angelico wrote:
> > On Wed, 01 Feb 2017 12:00:02 -0500
> > Nelson Handcock via gnucash-user-request at gnucash.org wrote:
> >
> > > I have posted my invoices raised to my customers and the bills from my
> > > suppliers.
> > >
> > > There is more GST on stock purchased than GST charged to my
> > > customers, so I owe the ATO. The account balances show:
> > >
> > > Liabilities:GST -494.30 (parent account - balance calculated)
> > > Liabilities:GST:GST on Stock Purchased -1277.13
> > > Liabilities:GST:GST on Sales 782.83
> > > Liabilities:GST BAS Payments
> >
> >
> > This is the source of your confusion, as Chris Lam pointed out.
> >
> > When you have more GST on purchases than in Sales, then the ATO OWES YOU
> the difference.
> >
> > You should not be drawing a cheque to them, but awaiting their refund,
> and processing a bank receipt.
> >
> > You could be doing this in GC, MYOB, or Oracle Financials and you would
> have the same erroneous result.
> >
> > If you complete your BAS correctly, especially using the extra worksheet
> they send, then you will see that you eventually check the box that says
> "ATO refund to you" (approximate wording).
>
> When replying to a daily digest, please replace the subject of your
> email with the thread subject you are replying to. It makes following
> the conversation way easier for the rest of us.
>
> --
> Tuomo Hartikainen
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