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Vandavic's avatar
Vandavic
Trusted Cover User
3 years ago
Solved

GST Liability

Hi 

I run AccountRight V19.16 for my local cricket club. We are not registered for GST. 

Recently we purchased some new uniforms and when entering the purchase order, inadvernetly left GST in instead of N-T. Consequently the GST amount is showing up in the balance sheet as a liabilty. I can't go back and change the entries as the uniform stock has been on stocked, invoiced out and in some instances paid for by players.

Is there a journal entry I can make to clear this GST liabilty without effecting the balance sheet.

 

Thanks

 

Adnav

  • Vandavic's avatar
    Vandavic
    3 years ago

    Hi Clover,

     

    Thanks for your advice.

    Played around and got the desired result, all good

    Many thanks

    Vandavic

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  • CloverQ's avatar
    CloverQ
    Former Staff
    3 years ago

    Hi Vandavic 

     

    You can consider recording a GST only transaction to update the GST liability. Please follow the instructions in this Help article - Non-Standard GST amount, the scenario may not be the same as your situation but the same principle applies.

     

    It is also a good idea check with your accountant on how to enter the journal entry for your company file's set up and reporting requirements.

    • Vandavic's avatar
      Vandavic
      Trusted Cover User
      3 years ago

      Hi Clover,

       

      Thanks for your advice.

      Played around and got the desired result, all good

      Many thanks

      Vandavic