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User DocsPlumbing
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DocsPlumbing
Posts: 1
Registered: 07-02-2012
Australia
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Opening Balances

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07-02-2012 01:31 PM

 

I am just moving over from the Business Basics to Live Accounts.  I am setting up my opening balances as of 31 December 2011, as I regsitered for GST on 1 January 2012.  Does this affect how I enter my opening balances - ie. all my opening balances were GST free, but now when I enter anything new from 1 January I will be claiming and charging GST...

 

 

Does this affect the opening balances in any way and how I enter them ?? - Do I put the GST code as GST 10% or do I need to make them GST free codes and then as I now start entering in new sales and purchases change over to the GST code ???

 

Hope this makes sense, any help would be greatly appreciated !! 

 

Nicole

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MYOB Moderator StephenLumley
MYOB Moderator
StephenLumley
Posts: 177
Registered: 02-02-2011
Australia
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Re: Opening Balances

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08-02-2012 09:43 AM

Hi Nicole,

 

Raffi has advised that he has spoken to you on LiveChat recently about this. It is something you may want to speak to a bookkeeper or accountant about. A lot of MYOB partners frequent this forum so they may be able to give you a more qualified answer.

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