GST - How to calculate / manage / track GST.

[Derek Atkins]

Doctorcam <cam at ellisonpsychology.ca> writes:

> * Derek Atkins (warlord at MIT.EDU) wrote:
>> Ben,
>> 
>> Thanks for your input.  This has been hashed and rehashed on this list
>> several times over the last year.  There is no "GST report" that sums
>> everything for you, but if you use the business features it will
>> compute this all for you properly.
>
> An accountant friend of mine advised setting up two liability
> subaccounts, for GST Paid and GST Payable.  This seems to work very
> nicely.

Why would these both be liabilities?  GST Paid isn't money you
owe, so it shouldn't be a liability.

> Cam

-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
       warlord at MIT.EDU                        PGP key available