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Opening balance GST liability entry

Chris_SHCC1Chris_SHCC1 Member Posts: 21

Hi all

I opened all my balances on 1st July which all worked reasonably well. I had a GST liability of $1793
which I paid in August against the GST account.

How do I create a "Starting Balance" (or similar) for the GST account to pull the balances in to shape?

Many thanks
Chris

in Accounting Technical Support

Comments

  • AlexiaAlexia Member Posts: 3,314 ✭✭✭✭

    Hi, @Chris_SHCC1,

    Can you give me a bit more context about the balances on your various account and on your move to Wave? Did you move from a different platform? If so, I might be able to help you enter missing balance for all of your accounts as well, if anything is missing. Depending on your exact situation, I'll suggest a different way to handle this.

    In any case, it'll be done through a journal transaction that will credit your GST Payable account, but what you'll debit will depend on your answer. Usually, it'd be the various income accounts to which taxable sales were associated for each of your past transactions.

  • Chris_SHCC1Chris_SHCC1 Member Posts: 21

    Hi Alexia

    This was a totally fresh start, basically from paper. That transaction was the only hang over from connecting the bank account. All transactions are effectively as they happened since 1st July.

    Many thanks for your help!
    Chris

  • MaryCWMaryCW Member Posts: 4

    I have been using Wave for 6 months after doing accounts in Excel. I now need to CHANGE the opening balance of GST liability as I paid the amount of that balance in the 6 months already processed. I do NOT want to change any other opening account balances. Would editing the opening bank balance by this amount enable me to effectively do a journal entry to get the GST opening balance right?

  • MaryCWMaryCW Member Posts: 4

    Also many Wave "solutions" are out of date as the CURRENT Wave interface is not the same as those solutions use. PLEASE TELL ME HOW to process a JOURNAL entry using the current WAVE version (ie as at 26th July 2019)

  • MaryCWMaryCW Member Posts: 4

    Maybe skip the above. I desperately need to know how to get a report of ALL GST PAID for the 6 month period. PLEASE HELP!!!

  • MaryCWMaryCW Member Posts: 4

    Forget the last post I found it in reports. Omg I have to abandon this program. It makes NO SENSE to anyone with any bookkeeping skills. When I go to change an opening balance the account I need to edit it for doesn't appear!!!

  • Chris_SHCC1Chris_SHCC1 Member Posts: 21

    I never got anywhere with this Mary but it still needs to be done.

    The Sales Tax report will help you but there’s something not quite right about it in Cash mode. Use with caution.

  • BarsinBarsin Member, Moderator Posts: 2,041 ✭✭✭

    Hey there @MaryCW

    So just wanted to ask a few questions:

    1. Do you see a starting balance transaction at the beginning of your of transaction history?
    2. If so, can you change this?
    3. What process are you doing to change the opening balance?

    Let us know and we'd be happy to further investigate. The more details you provide the easier it would be for one of us to try and give you further insight.

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