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Judy01's avatar
Judy01
Trusted Cover User
2 years ago

GST Accounts

Hello.

We have accounts set up for GST Paid, GST Collected, GST Customs and GST Payments and Fefunds.

The balance is accumulating in each acciunt so is it standard practice to journal the account balances monthly or before year end close so the balance only refelect the latest activity?

 

Thank you.

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  • Steven_M's avatar
    Steven_M
    Former Staff
    2 years ago

    Hi Judy01 

     

    Generally speaking, you would clear out those accounts when you are recording your payment to the ATO/IRD.  However, it's best to seek clarification from your accounting advisor on how best it works for you and your business reporting.