Select your GST clearing account

[MMAU]

Just noticed a new menu in report settings, screenshot attached. Which account should be selected here? GST Balance account?

[Tracey_H · Accepted solution]

Hi @MMAU 

Thanks for your post. The GST clearing account is a liability account that temporarily holds amounts owed to the ATO. You can select the GST Balance account in the GST clearing account field, or the GST clearing account may be more suitable for your business.

If you're not sure we do recommend checking with your accountant to make sure you select the account best suited to your business. The help article, Accounts List, has more information on the GST balance account.

Please let me know if you need further help.

If my response has answered your enquiry please click "Accept as Solution" to assist other users find this information.

[MMAU]

Thank you.