help with tax tables

[Kevin Hale Boyes]

Ya, I found the FAQ entry shortly after posting the email.  It does make sense
and I really like your additional (liability) account to group the three under.
I'll implement this next time I'm doing my books.

Thanks much,
Kevin.


On 6/12/05, Brian <dol-sen at telus.net> wrote:
> 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>
> 
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