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

[Michael Hall]

Thanks for the tip.

I have filled out many BAS statements by hand, as I was only running a part time
business until recently. Now I'm in it full time, so I want to/need to fully
computerise things. My own needs are fairly simple. My income is all personal
services, all GST. I think GnuCash can be customised to handle my needs
adequately. Things would quickly get more complicated for larger, sales-oriented
businesses.

For others on the list (Derek?), the link Hedley provides below talks about
GnuCash "remembering" GST splits and automatically selecting the right account:

"The downside is that all GST-related transactions have to be entered
as "splits". This isn't as bad as it sounds since GnuCash memorises
the "GST" part of the split and automatically selects the "GST
Credits" account when you are making an acquisition."

How does this work, or how is it made to work?

Mick


Quoting 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
> 
> (C) MYOB Limited 2003
> 
> _______________________________________________
> gnucash-user mailing list
> gnucash-user at lists.gnucash.org
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> 


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