[GNC] Help needed in Australia

[Weiwu Zhang]

Much thanks David for the explanation! I have already got 3 accountant
offer on setting up the whole thing including their choice of
software; but I'd wait a few days to see if anyone would offer to also
set up with GNUCASH. If no I'll just go with one of them.

On Thu, 29 Jul 2021 at 15:21, David Cousens <davidcousens49 at gmail.com> wrote:
>
> Weiwu,
>
> Whether you use cash accounting or accrual counting is a choice depending on the
> aggregated turnover of your company (business turnover + that of any associated
> entities). Usually if it < AUD$ 10,000,000 you can choose which you use. Over
> that threshold you must use accrual accounting
> (
> https://www.ato.gov.au/business/income-and-deductions-for-business/assessable-income/accounting-methods/
> )
> This choice also affects your BAS and GST accounting(
> https://www.ato.gov.au/business/gst/accounting-for-gst-in-your-business/choosing-an-accounting-method/
> ). The optimal choice may be also dependent upon the nature of your business.
>
> For this it is really advisable to consult an accountant to properly structure
> and setup your accounts and ensure your accounts will meet all necessary
> reporting requirements.
>
> Any advice you receive here is about how to use the program not how to account
> for your business
>
> David Cousens
>
>
> On Thu, 2021-07-29 at 13:18 +1000, Weiwu Zhang wrote:
> > On Wed, 28 Jul 2021 at 21:34, flywire <flywire0 at gmail.com> wrote:
> > > GST is automated for accrual accounting but not for cash accounting.
> >
> > Thanks! The devil is in the details so may I confirm this with you:
> >
> > - We record expenses at the moment of payment since most are purchased
> > online, invoiced, and paid at the same time.
> >
> > - But regarding income, we always invoice customers first, and record
> > receivable when doing the invoicing. I know how to make an invoice
> > with GnuCash and how to do a transaction between the receivable asset
> > and current asset later.
> >
> > Does this make my company accrual accounting or cash accounting? Is
> > the GST handling still an issue for us in this case?
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