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Profit and Loss - GST

 
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nicegirl



Joined: 04 Sep 2010
Posts: 16

PostPosted: Mon Nov 15, 2010 2:43 pm    Post subject: Profit and Loss - GST Reply with quote

Hi,

Should the revenue number on my P&L (accrual) be inclusive or exclusive of GST?

If GST is included - does that not show my earnings as being higher than they are?

Thanks
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marc



Joined: 19 Nov 2005
Posts: 175
Location: Whyalla SA

PostPosted: Mon Nov 15, 2010 3:21 pm    Post subject: Reply with quote

Hi there,

Your revenue numbers for both accrual and cash will be exclusive of GST. Your earnings do not include GST in or out and the P&L and Balance sheet will reflect that.

hth

Marc
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nicegirl



Joined: 04 Sep 2010
Posts: 16

PostPosted: Mon Nov 15, 2010 4:13 pm    Post subject: Reply with quote

Hi,

Thanks - I am puzzled as the P&L that I am receiving (mainly looking at the accrual one) incorporates GST.

To make 100% sure that this should not be included : I charge out my fee's per session so the rate may be

Fees Excluding GST - 17,000
GST 1,700
Total Fees 18,700

Total Fees of $18,700 is on my P&L.

They should be $17,000???

Where does the GST appear as a liability or does not appear anywhere?

Thanks
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marc



Joined: 19 Nov 2005
Posts: 175
Location: Whyalla SA

PostPosted: Mon Nov 15, 2010 4:22 pm    Post subject: Reply with quote

In the menu's across the top, go to lists, tax codes then click on the arrow next to GST 10% tax code. Towards the bottom the linked accounts should be both liability accounts (2-3010 collected and 2-3030 are used in the clearwater sample company)

Does that help?
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nicegirl



Joined: 04 Sep 2010
Posts: 16

PostPosted: Mon Nov 15, 2010 6:57 pm    Post subject: Reply with quote

yup - thanks very much Razz
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