Journal entry and GST

M10

Hi there,

Once you 'Receive\Paid' GST from the business account and with real time bank integration in Wave Apps, the transactions will display as 'Income\Expense' in the Transactions page.

When you add the GST received or paid as a Journal transaction, do you need to delete the original 'Income\Expense' in the Transactions page that got register via bank integration?

Eg: Tax department deducted $50 from your account as GST paid - this got entered in transactions page as 'Expense' and later you enter this as a Journal entry. Do you delete the initial 'Expense' details of $50 from Transactions page after the Journal entry has been added?

Sorry, this is more of an accounting question and I'm stuck here. If anyone can share a screenshot with example that would be great.

Thanks in advance

AlexL

Hey @M10 , it's tricky for me to give you the proper advice here as I'm not an accountant and I'm not familiar with the way that you're recording your Sales Tax. It sounds to me like you should be deleting those bank imported transactions, but I'm hesitant to say this for sure. I'd highly recommend you reach out to an accountant to be sure on the best way to handle your Sales Tax in general.