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Free Accounting Software Forum - GST on Balance Sheet

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Hi Glen, When you pay the ATO GST it doesn't reduce the balance of the GST on the Balance Sheet. Is there anyway of doing that?
Hi Kerrie,

Yes, when you pay GST put it against the tax code "GST Paid to ATO". Also rather than simply record the net payment, record a positive figure for "GST Paid to ATO" and a negative figure for 'GST Received from ATO".

Note that the tax rates on each of these tax codes are 100% as it is all tax.



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