Balance Sheet GST Liabilities
My business has only registered for GST in the last few weeks (1 Feb), but we've seen GST Liabilities in our Balance Sheet since we first started working with Accounting Software (circa 2016). Ho...
Forum Discussion
Understand you registered for GST from 01 February 2024.
Until that date, the GST Collected and GST Paid Accounts must be nil.
There would be an error if this is not the case.
Have a talk to your Accountant.
In preparing a BAS, start with the Balance Sheet.
Review and reconcile all Balance Sheet ledgers.
I prefer to use Non-Cash for GST Reporting (unless Receivables are substantial).
The GST Report is agreed to the GST Accounts on the Balance Sheet.
Duncan
