Re: help with tax tables

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Re: help with tax tables

Phil Longstaff-2
On June 12, 2005 08:19 pm, Kevin Hale Boyes wrote:
> I'm setting up a Tax Table for Canadian GST.  I've set the type to
> Percent with a value of 7 but I'm a bit confused about what account
> to assign it to.
>
> I have to charge GST when I submit my invoice and then remit
> it to the government on a quarterly basis.  So, I guess the GST
> is an asset but only for a little while.  But this doesn't sound correct.

It is a liability.

Phil
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Re: help with tax tables

Brian-5
On Sun, 2005-12-06 at 21:03 -0400, Phil Longstaff wrote:

> On June 12, 2005 08:19 pm, Kevin Hale Boyes wrote:
> > I'm setting up a Tax Table for Canadian GST.  I've set the type to
> > Percent with a value of 7 but I'm a bit confused about what account
> > to assign it to.
> >
> > I have to charge GST when I submit my invoice and then remit
> > it to the government on a quarterly basis.  So, I guess the GST
> > is an asset but only for a little while.  But this doesn't sound correct.
>
> It is a liability.
>
> Phil

I followed the instructions in the FAQ (I think it was there) about
setting up for the GST.  It works good.  I know it sounds wrong, but I
got used to it and it makes sense now.   I set up one master account
under Current Liabilities Called GST.  Then three sub accounts like
instructed, 1 for GST collected from sales, 1 for GST paid (it enters as
a negative liability from vendor bills), 1 for payments made to Revenue
Canada.  The 3 sub accounts will total up to the master account to show
what the running balance is with Rev. Can.

--
Brian <[hidden email]>

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Re: help with tax tables

Kevin Hale Boyes
Ya, I found the FAQ entry shortly after posting the email.  It does make sense
and I really like your additional (liability) account to group the three under.
I'll implement this next time I'm doing my books.

Thanks much,
Kevin.


On 6/12/05, Brian <[hidden email]> wrote:

> On Sun, 2005-12-06 at 21:03 -0400, Phil Longstaff wrote:
> > On June 12, 2005 08:19 pm, Kevin Hale Boyes wrote:
> > > I'm setting up a Tax Table for Canadian GST.  I've set the type to
> > > Percent with a value of 7 but I'm a bit confused about what account
> > > to assign it to.
> > >
> > > I have to charge GST when I submit my invoice and then remit
> > > it to the government on a quarterly basis.  So, I guess the GST
> > > is an asset but only for a little while.  But this doesn't sound correct.
> >
> > It is a liability.
> >
> > Phil
>
> I followed the instructions in the FAQ (I think it was there) about
> setting up for the GST.  It works good.  I know it sounds wrong, but I
> got used to it and it makes sense now.   I set up one master account
> under Current Liabilities Called GST.  Then three sub accounts like
> instructed, 1 for GST collected from sales, 1 for GST paid (it enters as
> a negative liability from vendor bills), 1 for payments made to Revenue
> Canada.  The 3 sub accounts will total up to the master account to show
> what the running balance is with Rev. Can.
>
> --
> Brian <[hidden email]>
>
> _______________________________________________
> gnucash-devel mailing list
> [hidden email]
> https://lists.gnucash.org/mailman/listinfo/gnucash-devel
>

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