Free Accounting Software + Tax Returns, BAS, Bookkeeping and Payroll from Free Accounting Pty Ltd

Free Accounting Software Forum - Tax Setup and opening bank balance

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18/02/2012
Hi Glen,

I am not registered for GST so I clicked on the GST to be Not Applicable. I then read that I need to have this setup anyway. How do I set up the new tax codes? I went into the taxes section to create a new tax but I don't really know what I need to do? I am a brand new business and would also like to know how to enter my opening bank balance and bank loan balance?

Thanks,

Maree
18/02/2012
Hi Maree,

All you need is one tax code that says "Not Applicable". This tax code will be set up automatically for you.

There is a discussion called "Opening Balances & Prior period balances" which explains how to get your opening balances into Free Accounting Software.

Regards,

Glen
 

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