Free Accounting Software + Tax Returns, BAS, Bookkeeping and Payroll from Free Accounting Pty Ltd

Free Accounting Software Forum - Tax Setup and opening bank balance

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Hi Glen,

I am not registered for GST so I clicked on the GST to be Not Applicable. I then read that I need to have this setup anyway. How do I set up the new tax codes? I went into the taxes section to create a new tax but I don't really know what I need to do? I am a brand new business and would also like to know how to enter my opening bank balance and bank loan balance?


Hi Maree,

All you need is one tax code that says "Not Applicable". This tax code will be set up automatically for you.

There is a discussion called "Opening Balances & Prior period balances" which explains how to get your opening balances into Free Accounting Software.



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