Difference between pages "General Journal" and "GST"

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General Journal - All the financial transactions are recorded in chronological order where each transaction affects at least two accounts, and they must balance
+
GST overview [https://www.ato.gov.au/Business/GST/ ATO GST Page]
  
'''Note:''' each entry must only contain one single transaction (source document)
+
"Goods and services tax (GST) is a broad-based tax of 10% on most goods, services and other items sold or consumed in Australia."
  
====Examples: Not Registered for [[GST]]====
+
The "most" in this statement is the most misleading word there is.
  
1. Shopping trip to The Office Depot - Purchased a stapler (cash/eftpos)
+
There are '''so''' many variations, exemptions and interpretations.
  
{| class="wikitable" style="width: 50%;"
+
Examples:
!colspan="4"|General Journal Example (Simple)
+
* Most insurances
|-
+
* Phone bills that still include the white/yellow pages listing
|'''Date'''
+
* Food
|'''Account'''
+
* Imported goods
|'''Debit'''
+
* Digital goods
|'''Credit'''
+
* Fees and charges
|-
+
* Australian v non Australian companies
|June 30
+
* Second hand goods
|Stationery
+
* Trading of going concerns
| style="text-align:right;" | 1,100
+
* Business to Business v Business to Consumer
|
+
* Precious metal trading
|-
+
|
+
| style="text-align:center;" | Cash At Bank
+
|
+
| style="text-align:right;" | 1,100
+
|-
+
|
+
|For the purchase of a really nice stapler
+
|
+
|
+
|}
+
<br>
+
2. Shopping trip to The Office Depot - Purchased a stapler and some water for the staff room (cash/eftpos)
+
{| class="wikitable" style="width: 50%;"
+
!colspan="4"|General Journal Example (Less Simple)
+
|-
+
|'''Date'''
+
|'''Account'''
+
|'''Debit'''
+
|'''Credit'''
+
|-
+
|June 30
+
|Stationery
+
| style="text-align:right;" | 1,100
+
|
+
|-
+
|
+
|Staff Amenities
+
| style="text-align:right;" | 200
+
|
+
|-
+
|
+
| style="text-align:center;" | Cash At Bank
+
|
+
| style="text-align:right;" | 1,300
+
|-
+
|
+
|For the purchase of a really nice stapler and water
+
|
+
|
+
|}
+
<br>
+
3. Shopping trip to <br>The Office Depot - Purchased a stapler and some water for the staff room (cash/eftpos)<br>The Techno Junkies - Purchased a new cable (on account)
+
{| class="wikitable" style="width: 50%;"
+
!colspan="4"|General Journal Example (Less Simple)
+
|-
+
|'''Date'''
+
|'''Account'''
+
|'''Debit'''
+
|'''Credit'''
+
|-
+
|June 30
+
|Stationery
+
| style="text-align:right;" | 1,100
+
|
+
|-
+
|
+
|Staff Amenities
+
| style="text-align:right;" | 200
+
|
+
|-
+
|
+
| style="text-align:center;" | Cash At Bank
+
|
+
| style="text-align:right;" | 1,300
+
|-
+
|
+
|For the purchase of a really nice stapler and water
+
|
+
|
+
|-
+
|June 30
+
|Computer Expense
+
| style="text-align:right;" | 440
+
|
+
|-
+
|
+
|style="text-align:center;" | Accounts Payable
+
|
+
| style="text-align:right;" | 440
+
|-
+
|
+
|New computer cable
+
|
+
|
+
|}
+
====Examples: Registered for [[GST]]====
+
  
1. Shopping trip to The Office Depot - Purchased a stapler (cash/eftpos)
+
The best and only way is having a copy of the [[source documents]] available to confirm GST treatment and or know the relevant part of the tax act for the required treatment (yes or no GST)
  
{| class="wikitable" style="width: 50%;"
+
This knowledge is another difference between a data entry Bookkeeper and a great Bookkeeper (and why only registered BAS agents are allowed to provide fee for service where GST is coded)
!colspan="4"|General Journal Example (Simple)
+
|-
+
|'''Date'''
+
|'''Account'''
+
|'''Debit'''
+
|'''Credit'''
+
|-
+
|June 30
+
|Stationery
+
| style="text-align:right;" | 1,000
+
|
+
|-
+
|
+
|GST Payable
+
| style="text-align:right;" | 100
+
|
+
|-
+
|
+
| style="text-align:center;" | Cash At Bank
+
|
+
| style="text-align:right;" | 1,100
+
|-
+
|
+
|For the purchase of a really nice stapler
+
|
+
|
+
|}
+
<br>
+
2. Shopping trip to The Office Depot - Purchased a stapler and some water for the staff room (cash/eftpos)
+
{| class="wikitable" style="width: 50%;"
+
!colspan="4"|General Journal Example (Less Simple)
+
|-
+
|'''Date'''
+
|'''Account'''
+
|'''Debit'''
+
|'''Credit'''
+
|-
+
|June 30
+
|Stationery
+
| style="text-align:right;" | 1,000
+
|
+
|-
+
|
+
|Staff Amenities
+
| style="text-align:right;" | 200
+
|
+
|-
+
|
+
|GST Payable
+
| style="text-align:right;" | 100
+
|
+
|-
+
|
+
| style="text-align:center;" | Cash At Bank
+
|
+
| style="text-align:right;" | 1,300
+
|-
+
|
+
|For the purchase of a really nice stapler and water
+
|
+
|
+
|}
+
<br>
+
3. Shopping trip to <br>The Office Depot - Purchased a stapler and some water for the staff room (cash/eftpos)<br>The Techno Junkies - Purchased a new cable (on account)
+
{| class="wikitable" style="width: 50%;"
+
!colspan="4"|General Journal Example (Less Simple)
+
|-
+
|'''Date'''
+
|'''Account'''
+
|'''Debit'''
+
|'''Credit'''
+
|-
+
|June 30
+
|Stationery
+
| style="text-align:right;" | 1,000
+
|
+
|-
+
|
+
|Staff Amenities
+
| style="text-align:right;" | 200
+
|
+
|-
+
|
+
|GST Payable
+
| style="text-align:right;" | 100
+
|
+
|-
+
|
+
| style="text-align:center;" | Cash At Bank
+
|
+
| style="text-align:right;" | 1,300
+
|-
+
|
+
|For the purchase of a really nice stapler and water
+
|
+
|
+
|-
+
|June 30
+
|Computer Expense
+
| style="text-align:right;" | 400
+
|
+
|-
+
||
+
|GST Payable
+
| style="text-align:right;" | 40
+
|
+
|-
+
|
+
|style="text-align:center;" | Accounts Payable
+
|
+
| style="text-align:right;" | 440
+
|-
+
|
+
|New computer cable
+
|
+
|
+
|}
+

Revision as of 03:18, 16 November 2018

GST overview ATO GST Page

"Goods and services tax (GST) is a broad-based tax of 10% on most goods, services and other items sold or consumed in Australia."

The "most" in this statement is the most misleading word there is.

There are so many variations, exemptions and interpretations.

Examples:

  • Most insurances
  • Phone bills that still include the white/yellow pages listing
  • Food
  • Imported goods
  • Digital goods
  • Fees and charges
  • Australian v non Australian companies
  • Second hand goods
  • Trading of going concerns
  • Business to Business v Business to Consumer
  • Precious metal trading

The best and only way is having a copy of the source documents available to confirm GST treatment and or know the relevant part of the tax act for the required treatment (yes or no GST)

This knowledge is another difference between a data entry Bookkeeper and a great Bookkeeper (and why only registered BAS agents are allowed to provide fee for service where GST is coded)