Sales Tax Account Setup

[Elizabeth Dodd]

On Fri, 1 Feb 2008, Andrew Greig wrote:
> On Thu, 2008-01-31 at 13:10 -0800, UrrrGrrr wrote:
> > Hi. I'm trying to set up accounts for collecting sales tax.
> >
> > One account goes into Liabilities, Accounts Payable, Sales Tax. Where
> > does the second account go?
> >
> > Thanks!
>
> Hi,
>
> In Australia we set up two liabilities accounts, one for Tax Collected
> (on items sold), and one for Tax Expended (on Items purchased), the
> difference is what we pay to the Tax Office. (This is a GST or VAT
> system)
>
> Andrew Greig

I have three.
Because I have to apportion vehicle expenses I keep GST:collected, GST:paid 
and GST:paid:vehicle
At the end of each period I fiddle with the vehicle apportionment system then 
they get zeroed with a transfer to the cheque account.

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