I am very new to all of this so please forgive me if my questions seem dumb.
I am reading the guides and forum topics but have been unable to find the specific answer I need.
I am importing goods (inventory items) from an overseas supplier. These show in the inventory on hand account under assets. When I now come to record the payment for the GST on the imported goods, which account do I allocate this against ? I have created the Australia - GST on Imports tax code. Do I need to create a new account for this ? What should it come under ?
Any advice would be greatly appreciated.