GST report - Accounting method - Payments vs Invoice radio button

Hi PeterBor,

Thanks for the screenshot and my apologies for the late response. In the context of  GST reporting, payment accounting and invoice accounting are two different methods of accounting for GST. These methods determine when you report and claim GST on your transactions. Here's a brief explanation of the differences between payment and invoice accounting modes in the GST report: 

Invoice 

• With invoice accounting, the GST is reported based on the issuance of invoices.
• When you create a sale invoice or receive a purchase invoice, MYOB records the GST amount in the relevant GST accounts and reports it in the GST reports for the tax period in which the invoice was issued.
• This means that even if you haven't received or made the actual payment for the transaction, the GST is recorded and reported when the invoice is created.

Payment 

• Payment accounting, also known as cash accounting, reports GST based on actual payments received or made.
• GST is recorded and reported in the GST reports only when payments are received for sales or made for purchases. If you haven't received or made any payments, GST is not reported for those transactions.

It's also important to consult with your accountant or tax advisor when configuring your GST settings in you AccountRight.

Feel free to post again, we're happy help.
Regards,
Earl