Transfer GST from old accounts to new
If you have been manually transferring GST paid on expenses and GST included in receipts to accounts 2-1000 GST Paid and 2-1010 and these account have balances in them, you may want to transfer these amounts to the new 2-1030 GST Payable/Refundable account.
Simply create a New Journal to
- Credit GST Paid to 2-1000 and debit to 2-1030
- Debit GST Collected to 2-1000 and credit to 2-1030
These amounts will now be included in the new GST Payable/Refundable account and can be included when calculating your Fund’s next BAS return.