gnucash-user Digest, Vol 167, Issue 1

[Tuomo Hartikainen]

On 2017-02-02 09:08, John Angelico wrote:
> On Wed, 01 Feb 2017 12:00:02 -0500
> Nelson Handcock via gnucash-user-request at gnucash.org wrote:
> 
> > I have posted my invoices raised to my customers and the bills from my
> > suppliers.
> > 
> > There is more GST on stock purchased than GST charged to my
> > customers, so I owe the ATO. The account balances show:
> > 
> > Liabilities:GST -494.30 (parent account - balance calculated)
> > Liabilities:GST:GST on Stock Purchased -1277.13
> > Liabilities:GST:GST on Sales 782.83
> > Liabilities:GST BAS Payments
> 
> 
> This is the source of your confusion, as Chris Lam pointed out.
> 
> When you have more GST on purchases than in Sales, then the ATO OWES YOU the difference.
> 
> You should not be drawing a cheque to them, but awaiting their refund, and processing a bank receipt.
> 
> You could be doing this in GC, MYOB, or Oracle Financials and you would have the same erroneous result.  
> 
> If you complete your BAS correctly, especially using the extra worksheet they send, then you will see that you eventually check the box that says "ATO refund to you" (approximate wording).

When replying to a daily digest, please replace the subject of your
email with the thread subject you are replying to. It makes following
the conversation way easier for the rest of us.

-- 
Tuomo Hartikainen