Updated to latest version 21.8.10 and now the year’s total of GST paid on purchases (From January) is showing as a negative balance on the Balance Sheet for the month. It never has before. We claim the GST paid back each month as tax exempt. It is normally handled through the Liability account for GST Paid.
What is happening here and how do I correct it?
I now see that a similar amount for GST Paid is showing on the Balance Sheet instead of the nett amount after payments and refunds as usual.
Some screen shots would help - especially the edit screens of some of the transactions and of the definitions of the tax codes involved
Agree
The account associated with the tax codes is likely to need to be reset.
Go to
Settings → Tax codes → GST 10%
Look at the account in this screen, it is probably not what you want it to be.
Check the other tax codes also
When I move Tax payable to GST Liabilities alongside GST Paid, it does give me a nett subtotal. That seems odd when the tax is already paid in the purchases. This appears to be a consequence of separating receipts and payments. So is it unavoidable to have those two accounts separately instead of combined?
