Re Handling GST & PST from Credit Card transactions

[Doctorcam]

* Bill Wisse (wiswp at niue.nu) wrote:
> 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?

This is true.  I was thinking of that instance more in terms of having
less cash to pay the bill.

Cheers

Cam


-- 
Cam Ellison  Ph.D.  R.Psych. #01417

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