Accounting for Goods and Services Tax (GST) -Australia
When you enter a bill in NetSuite for an expense that you pay Goods and Services Tax (GST) on, the tax is applied by default to a GST asset account. At the end of a tax period, you can make a journal entry to account for GST in the appropriate liability account so you can pay your GST tax liability.
To post GST to the GST Liability account:
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Go to Transactions > Financial > Make Journal Entries.
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Select the posting period for this journal.
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Pick or enter a date for the journal entry.
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In the Account field, select GST on Purchases.
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In the Credit column, enter the amount you want to apply to the GST Liability account.
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Click Add.
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In the Account column, select GST Liability.
The amount you entered on the previous line automatically fills in the Debit column.
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Click Add.
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Click Save.
Now you can pay your tax liability. For more information, read Paying Tax Liabilities -Non-U.S. Editions and Nexuses.
Additional Information
Related Topics
- Setting Tax Preferences for Australia
- Creating Tax Codes -Australia
- Australia Tax Codes
- Using Wine Equalization Tax (WET)
- Setting Up Your Business Activity Statement
- Viewing Australian Goods and Services Tax (GST) Reports
- Australia Tax Topics
- Australia Payment Formats
- Shipping Integration with Australia Post
- Setting Up Australia-specific Preferences
- Australia Account Setup