Double taxing

[Derek Atkins]

frozenjim <james at whitehousenorth.com> writes:

> I am also wrestling with this issue.  If I'm hearing this correctly then I
> just need to ensure that there are the appropriate liability accounts in
> place to handle it all.  From a great tutorial 
> http://linas.org/mirrors/www.aerospacesoftware.com/2003.06.21/GNU_Cash_for_Business_users_Howto_Guide.html
> Gnucash for Business Users Guide  I learned to create the GST (which is
> called TPS in Quebec) Liability Account with two sub accounts: 
>
>   GST/TPS (Liability)
>     -> GST Collected (liability)
>     -> GST Paid (liability)
>
> So now I'm guessing I need to also create a TVQ/PST account in exactly the
> same way.
>
>  TVQ/PST (Liability)
>     -> TVQ Collected (Liability)
>     -> TVQ Paid (Liability)
>
> So, while you have given a technical response that appears to be the right
> answer, are you able to tell me if what I am doing with my chart of accounts
> is valid from an accounting angle?  I am very new to this but I think I'm
> starting to get it.

Yeah, that looks close enough :)

-derek

-- 
       Derek Atkins, SB '93 MIT EE, SM '95 MIT Media Laboratory
       Member, MIT Student Information Processing Board  (SIPB)
       URL: http://web.mit.edu/warlord/    PP-ASEL-IA     N1NWH
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