[GNC] Goods and Services Tax - GST
JV
jalkev at hotmail.com
Wed Apr 1 06:30:51 EDT 2020
I've attached a screenshot which shows the purchase data of a typical
expense entry. Please let me know if I've entered the data in the wrong
columns.
On 1/04/20 11:06 pm, Christopher Lam wrote:
> Please remember to cc the mailing list for all replies.
>
> Now we've established you are on credit-accounts, the amounts showing
> negative means you have likely entered the GST on Purchase data
> incorrectly.
>
> On Wed, 1 Apr 2020 at 09:58, JV <jalkev at hotmail.com
> <mailto:jalkev at hotmail.com>> wrote:
>
> Thanks for your help. I wasn't aware of the
> Preferences>Accounts>Reverse Balanced Accounts feature but you're
> right - that was my setting. I still don't understand why GNUCash
> is handling the values the way it is. I've pretty much got the
> structure you suggested:
>
> GST [Liability]
> GST:Collected on Sales [Liability]
> GST:Paid on Purchases [Asset]
> GST:Paid to IRD [Asset]
>
> Except that I figure that the GST I've paid to the tax department
> (IRD) so far should be an asset (please correct me if I'm wrong).
> But for some reason whatever I change the account type to for
> these values (liability or asset), it doesn't seem to affect the
> top-level account sum total at all.
>
> On 1/04/20 10:31 pm, Christopher Lam wrote:
>> Hi
>>
>> (Screenshot containing private data snipped)
>>
>> The first rule here is that support emails are always public
>> because others may want to help.
>>
>> It seems you have set the Preferences > Accounts > Reverse
>> Balanced accounts to 'Credit accounts' which is fine.
>>
>> It also seems that the GST Paid and GST Returns filed are
>> negative -- depending on the preference above, this may be fine;
>> but the parent account adding the values as described would
>> suggest that they may be incorrect account type.
>>
>> It seems your GST Sales > GST Purchases, so, I'd suggest the
>> following structure, with top-level GST account:
>>
>> GST [Liability]
>> GST:Collected on Sales [Liability]
>> GST:Paid on Purchases [Asset]
>> GST:Paid to IRD [Liability]
>>
>> Thus all values would usually be positive with 'credit accounts'
>> reversal option.
>>
>> You can also try the "Income & GST Statement" report to assist
>> with your periodic filing.
>>
>> On Wed, 1 Apr 2020 at 09:02, JV <jalkev at hotmail.com
>> <mailto:jalkev at hotmail.com>> wrote:
>>
>> That would be great! Sorry, I'm also new to these support
>> mailing lists
>> so please let me know if I'm meant to be looking for support
>> elsewhere
>> or in a different format.
>>
>> I've attached a screenshot to give you some insight. I don't
>> understand
>> why it's adding up the absolute values of the GST figures
>> rather than
>> giving the assets (GST paid & GST returns filed) a positive
>> value and
>> liabilities (GST collected) a negative value. The 'GST
>> payable to IRD'
>> in my mind should be GST collected minus GST paid minus GST
>> returns
>> filed. Thanks for much for your help - it's starting to do
>> my head in!
>>
>> On 1/04/20 9:45 pm, Christopher Lam wrote:
>> > Maybe you can share your account structure or a data file
>> with sample data,
>> > and we can try make it work? The documentation is still
>> behind the
>> > reporting capability.
>> >
>> > On Wed, 1 Apr 2020, 4:08 pm Jacob Verbeek,
>> <jacobv.consultancy at gmail.com
>> <mailto:jacobv.consultancy at gmail.com>>
>> > wrote:
>> >
>> >> Hi,
>> >> I'm a new user of GNUCash for my fledgling consulting
>> business. I love
>> >> the program but can just not get GST to work the way I
>> want to (New
>> >> Zealand). I've read all the documentation I can find on
>> it. I've gone
>> >> with the 3-account system but GNUCash seems to just add up
>> the absolute
>> >> value of the numbers I enter into each category,
>> disregarding whether
>> >> they have a positive or negative value; changing the
>> account type to
>> >> asset/liability doesn't seem to make any difference. It's
>> probably
>> >> something really simple and dumb but I just can't seem to
>> fix it. How
>> >> do I go about getting some support to resolve this issue?
>> >>
>> >> Much appreciated,
>> >>
>> >> JACOB
>> >>
>> >> 022 0264943
>> >> jacobv.consultancy at gmail.comm
>> <mailto:jacobv.consultancy at gmail.comm>
>> >> www.about.me/jacobverbeek <http://www.about.me/jacobverbeek>
>> >>
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