Sales Tax/VAT paying it

[DaveC49]

John,

I'm not sure how you have your liability accounts setup. For GST In
Australia, to meet the reporting requirements, I generally use two liability
accounts under a general GST liability header account.  One which
accumulates the GST collected on sales and a contra account which collects
the GST paid on purchases. The header account then displays the net
Liability. This could be extended further with a second liability contra
account under the same header to record the payment of GST/VAT to the tax
office if you needed that level of detail. Our government complicated the
issue by having exemptions from the GST so getting the totals of purchases
and sales which must also be reported)  to which GST applies tends to be a
bit more difficult that the GST itself.


David



--
View this message in context: http://gnucash.1415818.n4.nabble.com/Sales-Tax-VAT-paying-it-tp4683837p4683865.html
Sent from the GnuCash - User mailing list archive at Nabble.com.