GST total paid and GST total invoiced that has to be paid back

Bob Page bpage104 at gmail.com
Mon Apr 3 20:55:38 EDT 2006


Hello, 

I am a newbie and just trying to convert to Gnucash all my business 
transactions. I am also completely new to any accounting program as I have 
always let my Accountant look after that. Now I would like to do the 
bookeeping in house and submit reports to my accountant. 

Can anyone help me with the following:

1) I need to know the total amount of 7% GST (Canada) that I have invoiced to 
Customers as we have to collect these taxes and submit them to the 
government.

2) I also need to know the total amount of 7% GST I have paid while purchasing 
goods and services in all my expense accounts.

3) I then need to deduct the GST that I have paid in all my expense accounts 
from the total that I have invoiced my customers. This will give me the 
figure that I have to submit to the Tax department on a quarterly basis.

Can anyone visualize how this scenario above can be implemented in Gnucash in 
any way, in full or in part?
Again, I am not too bright when it comes to accounting, as such a simple to 
understand explanation would be appreciated.

Thanks in advance.


-- 
Bob Page at Home.


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