Split Tax Payable on the balance sheet - to show as 2 amounts

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  • Updated 1 year ago
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On the balance sheet we have Tax Payable which includes GST collected and GST paid. Is there a way to split these so when invoices are entered it goes to GST paid and when we create a sales invoices it goes to GST collected? Would like to see these as two entries on the balance sheet. Thanks
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Karren Bourke

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Posted 1 year ago

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Kathy

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Hi Karren,

Check in your Supplier list - click on Australian Taxation Office - edit supplier, click on Tax Agency Info tab and check if the boxes are ticked for tracking tax on purchases separately and tracking tax on sales separately.  I hope this helps.
Thanks,
Kathy
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Karren Bourke

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Thanks so much Kathy that was a great help.