Record gst opening balance

Scott LeonardScott Leonard Member Posts: 5
edited August 2019 in Reckon One
Recording GST opening balance

Comments

  • Scott LeonardScott Leonard Member Posts: 5
    edited August 2019
    My journal entry to record opening balances will not accept an amount in GST paid. How do I record this amount?
  • ZappyZappy Accredited Partner Posts: 4,428 ✭✭✭
    edited December 2017
    You need a sales receipt with two lines the top line is GST inc with a tax code GST and the second line is a minus which is GST ex and a tax code left blank. The net figure will be zero and the opening balance of GST will be recorded against the liability. This is basic accounting principles. Never let anyone tell you you don't need to understand it in order to be able to use  accounting software. The Cert IV in bookkeeping is a great place to start. Call me if you get stuck 0407744914
  • Scott LeonardScott Leonard Member Posts: 5
    edited December 2017
    Thanks but my problem is as at closing on 30 Nov in my old system, GST paid was $530.10. I need to being this in to Reckon as a starting figure at 1 Dec.
  • ZappyZappy Accredited Partner Posts: 4,428 ✭✭✭
    edited December 2017
    Yes and my suggestion will work just the same. Callbme if you have any queries
  • Scott LeonardScott Leonard Member Posts: 5
    edited December 2017
    Many thanks Kevin, you saved my sanity!

  • ZappyZappy Accredited Partner Posts: 4,428 ✭✭✭
    edited December 2017
    Piece of cake Scott. This is what I do
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