When a sale is made, and tendered on Account, the GST Amount is only sent to MYOB as payments are made on the account.
Account Payment - Cash
A full payment is made of $50.00 with the GST amount transferred from the GST Holding Account to the GST Collected Account.
|
A/c No. |
Account Name |
A/c Type |
Debit |
Credit |
Tax Code |
|
1-1180 |
Un-deposited Funds |
Asset |
$50.00 |
|
N-T |
|
1-1200 |
Trade Debtors |
Asset |
|
$50.00 |
N-T |
|
2-1340 |
GST Holding |
Liability |
$4.55 |
|
N-T |
|
2-1310 |
GST Collected |
Liability |
|
$4.55 |
N-T |
|
|
|
|
|
|
|
|
TOTAL |
|
|
$54.55 |
$54.55 |
|
Account Credit Adjustment - Cash
An Account sale of $50 Inclusive of GST with an Adjustment of $1.00 was applied to this Account to leave an outstanding balance of $49.00.
|
A/c No. |
Account Name |
A/c Type |
Debit |
Credit |
Tax Code |
|
6-1970 |
Account Adjustment |
Expense |
$1.00 |
|
N-T |
|
1-1200 |
Trade Debtors |
Asset |
|
$1.00 |
N-T |
|
|
|
|
|
|
|
|
TOTAL |
|
|
$1.00 |
$1.00 |
|
Account Debit Adjustment - Cash
An Account sale of $50 Inclusive of GST with an Adjustment of $1.00 was applied to this Account to leave an outstanding balance of $51.00.
|
A/c No. |
Account Name |
A/c Type |
Debit |
Credit |
Tax Code |
|
1-1200 |
Trade Debtors |
Asset |
$1.00 |
|
N-T |
|
6-1970 |
Account Adjustment |
Expense |
|
$1.00 |
N-T |
|
|
|
|
|
|
|
|
TOTAL |
|
|
$1.00 |
$1.00 |
|