Accounting for Goods and Services Tax (GST) - Australia

When you enter a bill in NetSuite for an expense that you pay Goods and Services Tax (GST) on, the tax is applied by default to a GST asset account. At the end of a tax period, you can make a journal entry to account for GST in the appropriate liability account so you can pay your GST tax liability.

To post GST to the GST Liability account:

  1. Go to Transactions > Financial > Make Journal Entries.

  2. Select the posting period for this journal.

  3. Pick or enter a date for the journal entry.

  4. In the Account field, select GST on Purchases.

  5. In the Credit column, enter the amount you want to apply to the GST Liability account.

  6. Click Add.

  7. In the Account column, select GST Liability.

    The amount you entered on the previous line automatically fills in the Debit column.

  8. Click Add.

  9. Click Save.

Now you can pay your tax liability. For more information, read Paying Tax Liabilities - Non-U.S. Editions and Nexuses.

Additional Information

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General Notices