GST Balance Account and Balance Sheet Report
Hello
Can anyone please explain why the balance of the GST Balance Account is negative in the general ledger and the account in the Balance sheet is postive?
Liability account - don't get it.
Cheers
Julie
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Hi
a liability account is a credit account (-)
so if the balance is a negative it shows in the balance sheet as a whole figure as it is an assumed negative
if the liability is positive it would show as (54)
as an example a loan in the liability account would show as $50000
less unexpended interest (500)
hope that helps to explain
Lisa
