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

[Cam Ellison]

Andrew Greig wrote:
> On Mon, 2006-04-03 at 19:08 -0700, Cam Ellison wrote: 
> 
> 
>>I actually use 3 Liability sub-accounts, like this:
>>
>>Liabilities
>>   |
>>   --GST
>>      |
>>      |--GST Collected  (from clients)
>>      |--GST Paid  (paid for goods and services)
>>      |--GST Payments  (paid to CRA)
<snip>

> I just need to get the next stage right in my head.
> 
> I see the balance owing by me to the Tax man as a positive amount.  So
> when it comes time to pay the amount owing, do I just go into the
> Checking account register (since there is no invoice )and pay from the
> checking account as a withdrawal, and then select GST Payable as the
> balancing account?  Will it show up in that account as a negative
> amount, and thus counteract the amount shown in the GST parent account?

Almost - you actually need to select GST Payments.  You have the total 
owing from the parent account (which must not have any transactions in 
it, in order for all this to work).  When you reduce the Chequing 
account by that amount, you also reduce GST Payments, giving it a 
negative value.  The parent GST account then has a net of zero.


Cheers

Cam



--
Cam Ellison, Ph.D. R.Psych. #1417

Cam Ellison & Associates Ltd.
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