How do I record income so that my monthly report does not include the GST in the income but includes

Simon
Simon Member Posts: 1
Certain items I sell include GST in their price. How do I record this income so that when I view my monthly report, the GST is not included in the total sales but is included in the monthy tax report?

Comments

  • John Graetz
    John Graetz Member Posts: 1,658 ✭✭✭
    edited July 2020
    Simon.  If you have got your items set up correctly with a GST code, the GST is automatically deducted from your reports e.g. sale of $110 would be split $100 to income and $10 to your Tax Payable Liability account.  Either you will be using a Sales Tax Receipt or a Tax Invoice to record the sale.  This is basic bookkeeping for sales.
    John L G