GST/VAT accounts [was 'Re: Newbie various']

[hedley_finger at myob.com.au]

Michael:

> Is GST that I have collected an ... a liability because I've really  only
> collected it for the tax man to whom I owe it?
>
> Likewise, what is GST that I have paid ... an asset because it will
> ultimately reduce my tax bill? I'm confused ...

A more detailed explanation of what to do can be found at
<http://lists.slug.org.au/archives/slug/2000/09/msg00480.html>.

It is also worth while getting hold of a Business Activity Statement (BAS)
or Individual Activity Statement (IAS) as they ask for information that is
really hard to extract if you have not set up your accounts properly.  For
example, you might set up Sales, Non-GST and Sales, GST so you can answer
the question about the total GST and non-GST sales asked on the worksheet.

Regards,
Hedley

--
Hedley Finger
Technical Communications Support Specialist
MYOB Australia <http://www.myob.com.au/>
P.O. box 371   Blackburn VIC 3130   Australia
12 Wesley Court   Tally Ho Business Park   East Burwood VIC 3151
Australia
<mailto:hedley_finger [at] myob [dot] com [dot] au>
Tel. +61 3 9222 9992 x 7421,   Mob. (cell) +61 412 461 558

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