- Created by admin, last modified by AdrianC on Apr 01, 2016
This information applies to MYOB AccountRight version 19. For later versions, see our help centre.
https://help.myob.com/wiki/x/3QKc
ANSWER ID:30782
At the end of each GST period you need to establish the correct values of GST collected and GST paid. Use the GST detail report to establish these figures.
You can then record a journal entry, dated the first day of the next period, to remove the balances of GST collected and paid and return the balances to zero.
Whether you debit or credit each account depends on the actual account balances. Normally the balance of the GST Collected account is a credit balance, hence you would record a debit to this account to clear it out.
Here's a couple of examples:
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
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.
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
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.
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