Changing GST Clearing Account opening balance

Note: The opening balance for the GST clearing account should only be changed if you have not done a BAAS for the current financial year.

If you are running your business on an Accrual Basis: 

1. Click on the Setup/Opening Balances/Assets and Liabilities menu option
   
2. If you have received a refund, put the refund amount from the last quarter in the assets column, for account you are using for the GST clearing account e.g. GSTC
   
3. If you need to make a payment, put the amount into liabilities column
   

If you are running your business on a Cash Basis:

1. Click on the BAS tool-bar option or click on the GST/Setup menu option
   
2. Select the Setup tab
   
3. If you have received a refund, enter the amount into the opening balance item as a negative amount
   
4. ​If you need to make a payment, enter the amount into the opening balance item as a positive amount