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

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  • Updated 1 year ago
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?
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Posted 1 year ago

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John Graetz

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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
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Kevin Russell, Accredited Partner

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Simon you can show the reports tax inclusive by changing the report preferences from the Edit menu then select Preferences then reporrs