The financial records of an enterprise need to produce sufficient information for the completion of the Business Activity Statement.
A key component is the establishment of a GST Control Account to which GST entries can be posted. This paper analyses the reasons for creating GST Control Account. The paper is presented under the headings:
- GST Accounts In The General Ledger
- Input Tax Credit Account
- GST Payable Account
- GST Adjustment Account
- BAS Payment Account
- Transactional Tax
- Reconciliation With Business Activity Statement
