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How to set up GST output & input tax adjustment accounts
I'd like to be able to have MYOB file my GST returns with IRD. (I currently do it manually through MyIR) But I see that it says in order to do that I have to, as step D. "Enter your GST output tax a...
Hi AndrewTD , yes you will need two separate accounts so that you can file GST returns via MYOB. If you or your accountant expect to see transactions in those accounts, then you should add a header account for GST, and make all the GST detail accounts sub-accounts of the new header. Then your balance sheet will show a total GST balance.
If you anticipate that you will never use the adjustment accounts, you could skip adding a header, until the day you do use them.
Input adjustments would be for things like customs GST, business expenses paid privately, etc.
See the below link including the sections on other debit/other credit adjustments:
GST adjustments for business, private and exempt use
