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 <[EMAIL PROTECTED]> 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 <[EMAIL PROTECTED]> > > _______________________________________________ > gnucash-devel mailing list > gnucash-devel@gnucash.org > https://lists.gnucash.org/mailman/listinfo/gnucash-devel > _______________________________________________ gnucash-devel mailing list gnucash-devel@gnucash.org https://lists.gnucash.org/mailman/listinfo/gnucash-devel
