Not sure how to describe this. The GST payable comes off automatically from expenses and the care loan is a payment. but they are adding to assets not coming off. The picture shows it better
I can not process any year end accounts until its fixed . Its only been since I updated this morning I think I hope cause I have filed several year end to IRD yesterday. The actual GST return is correct
If you click on the blue values (3,000.00) and (1,063.94) you can see the transactions that have affected the balance
A negative liability is an asset
I know a negative liability is an asset. They should be positive numbers here’s a sample when I click on the GST one
This is done automatically when you do payments it should be a liability not an asset as you are spending money.
Here is how the tax rate is set up just incase you ask but unless its changed in the last 48 hours its been the same way since the tax account started
oh and here the GST account is in the balance sheet set up chart of accounts
The GST you pay on a purchase is a credit against GST you collect on Sales (Credit Sales via a Sales Invoice or Cash Sales via receipt)
Loan repayments are a credit to a bank account and a debit to a liability account
I think you need to brush up your accounting knowledge
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Not really its not about crediting assets and debiting liabilities.
So you are telling me that is correct taking into consideration that every GST time he pays at least 1K and that the amount that he has to pay should be added to assets? I fail to see how a liability should be added to an asset
Because other balance sheets I have done in march when the person still owed money to IRD was in the balance sheet with out brackets and was taken away from the net assets
this being an example they owed IRD the below for GST. I dont do it the system does it auto
Thats correct the liability is the car loan account so why has it shown as adding to the assets when its a liability
I am assuming when you do a Payment it does the right thing
@joe91 I have been an accountant for 20 years with a client base of 250 so I think I would know accounting 101. I have just re updated my system and it has come right . it must of got corrupt of the downloading process not managers fault nor mine , When you are used to seeing something for so long a certain way and then it looks odd you question.
here is how it should of been