Can cash purchases track suppliers and GST?

Liz edodd at billiau.net
Tue Feb 10 14:55:23 EST 2015


On Tue, 10 Feb 2015 11:39:58 -0800
Cam Ellison <cam at ellisonet.ca> wrote:

> I created a Liabilities account for GST with 3 subaccounts:
> 
> GST Paid (what I pay out)
> GST Payable (what I charge my clients)
> GST Payments (what I actually send to CRA)
> 
> GST Paid and GST Payments are contra-accounts - entries will have the 
> opposite sign to GST Payable (which is negative in my setup). If you 
> maintain accuracy, the net amount showing in the parent account will
> be what you currently owe.
> 
> Cheers
> 
> Cam

My GST accounts also include "GST Paid - Vehicle" because I have to
discount this by my proportion of private vehicle usage (If 10% of kms
are private, then I pay 10% of the GST, and get rebated for 90%)


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