The GST detail report for the period ending August shows GST Collected is $2500 and GST Paid is $1500. A journal is recorded for the first day of September.

• Debit the GST Collected account $2500
• Credit the GST Paid account $1500
• Credit the GST Payments/Refunds account $1000

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The example above shows Output Value (Sale)

This results in a balance of $1000 being recorded in the GST Payments/Refunds Account.

This amount is what you owe to the IRD. Simply go to the Banking command centre, click Spend Money and allocate the transaction to the GST Payments/Refunds Account.

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The GST detail report for the period ending August shows GST Collected is $500 and GST Paid is $6000.

A journal is recorded for the first day of September.

• Debit the GST Collected account $500
• Credit the GST Paid account $6000
• Debit the GST Payments/Refunds account $5500

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The above example shows Output Value (Sale)

This results in a balance of $5500 being recorded in the GST Payments/Refunds account.

This amount is what the IRD owes you. Simply go to the Banking command centre, click Receive Money and allocate the transaction to the GST Payments/Refunds account.

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Refunds involving GST adjustment accounts

If you need to journal an adjustment, record a separate journal dated the last day of the current period. We advise that you speak to your accountant regarding this, or post your question on the community forum