Record gst opening balance
Options

Scott Leonard
Member Posts: 5 Novice Member

Recording GST opening balance
0
Comments
-
My journal entry to record opening balances will not accept an amount in GST paid. How do I record this amount?1
-
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 04077449140
-
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.0
-
Yes and my suggestion will work just the same. Callbme if you have any queries0
-
Many thanks Kevin, you saved my sanity!
1 -
Piece of cake Scott. This is what I do0
This discussion has been closed.