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 BAS for the current financial year

• If running the 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 the account you are using for the GST clearing account e.g. GSTC
  3. If you need to make a payment, put the amount into the liabilities column
     

• If running the 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.