GST Accounts

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Judy01
Trusted Cover User
67 Posts
Trusted Cover User
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GST Accounts

Hello.

We have accounts set up for GST Paid, GST Collected, GST Customs and GST Payments and Fefunds.

The balance is accumulating in each acciunt so is it standard practice to journal the account balances monthly or before year end close so the balance only refelect the latest activity?

 

Thank you.

1 REPLY 1
Steven_M
45,180 Posts
Former Staff
New Zealand
Former Staff

45,180Posts

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Re: GST Accounts

Hi @Judy01 

 

Generally speaking, you would clear out those accounts when you are recording your payment to the ATO/IRD.  However, it's best to seek clarification from your accounting advisor on how best it works for you and your business reporting.

Kind regards,
Steven

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