Record gst opening balance

  • 1
  • Question
  • Updated 7 months ago
  • Answered
Recording GST opening balance
Photo of Scott Leonard

Scott Leonard

  • 150 Points 100 badge 2x thumb
  • frustrated

Posted 7 months ago

  • 1
Photo of Scott Leonard

Scott Leonard

  • 150 Points 100 badge 2x thumb
My journal entry to record opening balances will not accept an amount in GST paid. How do I record this amount?
Photo of Kevin Russell

Kevin Russell, Accredited Partner

  • 35,162 Points 20k badge 2x thumb
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 useĀ  accounting software. The Cert IV in bookkeeping is a great place to start. Call me if you get stuck 0407744914
(Edited)
Photo of Scott Leonard

Scott Leonard

  • 150 Points 100 badge 2x thumb
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.
Photo of Kevin Russell

Kevin Russell, Accredited Partner

  • 35,162 Points 20k badge 2x thumb
Yes and my suggestion will work just the same. Callbme if you have any queries
Photo of Scott Leonard

Scott Leonard

  • 150 Points 100 badge 2x thumb
Many thanks Kevin, you saved my sanity!
Photo of Kevin Russell

Kevin Russell, Accredited Partner

  • 35,162 Points 20k badge 2x thumb
Piece of cake Scott. This is what I do