If a receivable includes GST, you will need to account for the GST component. This should be done when entering the Receivable if your Fund is registered for GST on an accruals (non-cash) basis.
If your Fund is registered for GST on a cash basis, please refer to Account Maintenance: Receivables Paid: Accounting for GST on Cash Basis for instructions for entering the GST at time of receipt of payment.
To enter a Receivable that includes GST, if your Fund is registered on an accruals basis, simply reduce the credit to the income account by the amount of GST, and add a line to CREDIT the GST amount to GST Collected.
In the following example, the Lessee of our West End Unit would have been billed a total of $2750.00.
You will note that $2750 shows in Accounts Receivable as the amount due.
The income has been split $2500 to the Income Account (4-1300 Gross Rent and other leasing and hiring income) and $250 to 2-1010 GST Collected.
