The MYOB accounts list needs to contain specific Liability accounts that are used to record the amount of GST Collected from Customers and Paid to Suppliers.
These accounts are linked to the GST Tax Codes.
The use of the GST Tax Codes on transactions should be the only method of crediting GST Collected or debiting GST Paid.
These accounts should not be used directly in any transaction other than the monthly or quarterly tax cheque that is drawn to accompany the BAS. Direct use of these accounts in any other transaction will make it almost impossible to balance the BAS.
For further assistance: Contact Melanie Jenkins
Download this MYOB Help Sheet with accompanying images to assist you with each step below…