Re Handling GST & PST from Credit Card transactions

[Bill Wisse]

On Sunday 30 January 2005 18:45, Doctorcam wrote:

>
> > Down here in Australia we are able to use cash accounting, so I in fact
> > have two GST Liability accounts - GST Collected and GST Receivable.  GST
> > Receivable is the GST that I am required to collect once the invoice
> > gets paid (this is processed automatically by gnucash), and GST
> > Collected is the money that has actually been collected.  This requires
> > me to remember to do a transfer from the one to the other when I process
> > a payment!
>
> We cannot - once it's invoiced, it belongs to the government, though
> they allow you to pay at specified intervals (quarterly, in my case).
> Simpler, fortunately, but a drag if the customer doesn't pay up in
> time.

Doesn't that work both ways?
IAW you claim GST for a received invoice but hasn't been paid yet?

-- 



Greetings from
/bill at 169 west , 19 south.  
Disclaimer: Any errors in spelling, tact, or fact are
transmission errors."