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Free Accounting Software Forum - GST on Balance Sheet

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23/05/2012
Hi Glen, When you pay the ATO GST it doesn't reduce the balance of the GST on the Balance Sheet. Is there anyway of doing that?
24/05/2012
Hi Kerrie,

Yes, when you pay GST put it against the tax code "GST Paid to ATO". Also rather than simply record the net payment, record a positive figure for "GST Paid to ATO" and a negative figure for 'GST Received from ATO".

Note that the tax rates on each of these tax codes are 100% as it is all tax.

Regards,

Glen
 

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