A bit thick on how to handle GST
Robert Graham Merkel
rgmerk@mira.net
Wed, 1 Nov 2000 11:07:05 +1100
linas@linas.org writes:
> I don't see why it needs to be a new account 'type'. He could put the
> GST in either an asset account, or in an income account. In one case,
> the default report shows gst as contributing to the net worth, in the
> other case, it doesn't. How you want to think about it is between you,
> your accountant, and your tax collector.
>
I'd personally prefer the asset/liability approach, because that way
it automatically takes GST out of calculations for *income* tax.
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Robert Merkel rgmerk@mira.net
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