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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