Australian BAS with GNUCash

Klaus Ridder
Thu, 10 May 2001 09:50:56 +0200

> 29/4/2001 Woolworths                                               50.25
>                                     Assets:GST Credits   2.64
>                                     Expenses:Foodstuffs  47.61
>                                     Cash                           50.25

When you implement VAT / BAS in GnuCash, please don't do it the terrible way
"Quicken 2000" does it by making split-transactions, as showed here. This
makes everything very complex nad difficult to handle.
Especially ifyou have transactions or an whole account that _may_ be
accepted by the tax office, but you're not sure of it.
I prefer the folliging way:

Date          Item                      Price        TaxKey
12.04.2001    Copy-Pater 500 sheets     $5.00        16%
12.04.2001    Snacks                    $100.0       -
12.04.2001    Newspaper                 $2.0         7%
12.04.2001    MobilePhone               $300.0       Default

Every Account now has a DEFAULT Percentace, that you can access by
"Default".  This is default for every transaction.
However, you are able to change the tax Key for every transaction.
If you now see: "The financial office will not accept my computer
newspapers", simply change the default value of that account.

The most important thing is, that you don't make split transactions, but
just add a "tax key" to every transaction, that can easily be changed.

Klaus Ridder