[GNC] Net Worth Barchart

[Christopher Lam]

Hi Liz; I guess we should do similar activities in tracking GSTs, except I
don't handle company tax.

I have an account structure:
GST
GST:GST Sales [L]
GST:GST Purchases [A]
GST:GST BAS [A]

My sales are recorded as:
Income:Sales -$1000
GST:GST-Sales -$100
Asset:Bank +$1100

My purchases are recorded as:
Expenses:Purchase +$200
GST:GST-Purchase +$20
Asset:Bank -$220

Every end-quarter I'll transfer the balance of [GST Sales] and [GST
Purchases] into [GST BAS], so that GST Sales & Purchase now have a balance
of zero.

30/09/12 Accumulated GST on Sales
GST:GST Sales +$2,345.67
GST:GST BAS -$2,345.67

30/09/12 Accumulated GST on Purchases
GST:GST Purchases -$2,000
GST:GST BAS +$2,000

The [GST BAS] account will then be settled via ATO transfer.

30/10/12 ATO BAS and PAYG
GST:GST BAS -$345.67
Expenses:Income Tax +$(TOO_MUCH + 345)
Asset:Bank -$TOO_MUCH

and because the ATO doesn't care about GST cents, I create a rounding
transfer:

30/09/12 GST Rounding
GST:GST BAS +$0.67
Equity:Rounding -$0.67

As a result, all these GST accounts are regularly reset to zero, and the
equity rounding account hovers around zero.

On Tue, 6 Dec 2022 at 16:56, Liz <edodd at billiau.net> wrote:

> On Tue, 6 Dec 2022 00:57:44 -0600
> Adrien Monteleone <adrien.monteleone at lusfiber.net> wrote:
>
> > Liz,
> >
> > I just ran the chart for myself and indeed, it appears your
> > Liabilities are backwards. That is, if you owe money, they should
> > have a Credit balance, but yours show as Debit balance. (The *normal*
> > balance of a Liability account is Credit, not Debit)
> >
> > What is your preference setting for Accounts > Reversed Balanced
> > Accounts?
> >
> > If it is "none" or "Income & Expense" then your Liability accounts
> > will show as negative amounts in the Accounts tab if they are a
> > Credit balance.
> >
> > If it is "Credit accounts" then they will show as positive on the CoA.
> >
> > If your balances are opposite of that, then your balances are
> > reversed. (they are 'contra balances' from what is normally expected)
> >
>