Record gst opening balance

Recording GST opening balance

Scott Leonard

150 Points
frustrated

Posted 7 months ago

7 months ago

Scott Leonard

150 Points

My journal entry to record opening balances will not accept an amount in GST paid. How do I record this amount?

Comment

1 person likes this

2017-12-04T11:44:32+00:00

Kevin Russell, Accredited Partner

35,162 Points

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

(Edited)

2017-12-04T12:27:50+00:00

Scott Leonard

150 Points

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.