changing GST
Maf. King
maf at chilwell.net
Mon May 24 11:23:40 EDT 2010
On Monday 24 May 2010 16:00:50 ays wrote:
> Hi
>
> Thanks for the reply. My business is small vending machines so all of my
> income is cash and I have been calculating GST and recording it as a
> liability. I pay GST when I purchase stock from my suppliers or have other
> business expenditure. Gnucash then subtracts this from the GST account. I
> must have misunderstood the accountant's instructions as when I presented
> my paperwork for the year to her she told me that I should have ignored the
> GST for both purchases and income. Now I would like to amend my books
> before she submits my return. The only way I can see to do this would be
> to call up each invoice, unpost, amend and repost it. I am hoping there is
> an easier and less time consuming method of acheiving this.
Hi,
Don't think that you can do this in GC without unposting and re-posting
invoices/bills.
However, and this is just a suggestion, assuming that you have given your
accountant some year-end reports (as a calc file or PDF or whatever, rather
than the raw GC file), can't you just add the GST back into the column totals
manually, and then start to do the transactions in GC properly for the new
fiscal period?
What I mean is, let's say that you have an expenses:widgets account, with a
line total of $500 - if you add the GST back to that (in the UK for VAT at
17.5% that would be 500x1.175), you get the corrected figure in the end, for
the accountant to report on.
Maf.
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