Hi Everyone
Just needing some help on why my GST Collected and paid account are reducing in totals instead of increasing when entries are posted to the account. I think it must be in the settings but can't find where to change it. I have attached a printout of the accounts for you to look at.
Kind regards
Mandy Weeks
Hi mandy6,
When GST Collected and Paid accounts are going down instead of up when you're posting entries usually means there might be some incorrect transaction entries, or the wrong tax code linked. First things first, double-check that your reporting basis in the settings is correct. Then, look at the entries to ensure the tax codes are spot on and reconcile those GST accounts. Don't forget to compare the GST amounts in your balance sheet reports with those in the general ledger reports to find and resolve discrepancies. I would totally recommend chatting with your accountant to nail down which categories should be used for tracking tax collected or paid.
Cheers,
Princess
