Merging sub-accounts for GST Paid and GST Received into singular Tax Payable.

Legacy KB ID: 4794

Question

Question

I have separate (sub)accounts for GST Paid and GST Received and would now like to merge them into Tax Payable.

Answer

Although you can assign GST paid and received into separate accounts or sub-accounts of Tax Payable, tax reports will not use them.  Reckon Accounts will only use entries to the main Tax Payable account and not its sub-accounts. 

To merge these accounts and sub-accounts into one Tax Payable account, follow these instructions. 

 

Detailed Instructions

1.    Turn off Tax Tracking:

a.    Edit > Preferences . Tax > company Preferences;

b.    Click No for Do you track tax?

2.    If your accounts are sub-accounts of Tax Payable, make them stand-alone accounts:

a.    Lists > Chart of Accounts > highlight subaccount > Account button > Edit

b.    Untick Subaccount of;

c.    Repeat for second account;

3.    Merge one account with the other:

a.    Lists > Chart of Accounts > highlight first account > Account button > Edit;

b.    Change name to the second account name then Save & Close;

4.    Merge the account to Tax Payable;

5.    Turn on Tax Tracking:

a.    Edit > Preferences > Tax > Company Preferences;

b.    Click Yes for Do you track tax?

6.    Assign accounts for tax tracking:

a.    Supplier Centre > right click Australian Taxation Office > Edit Supplier > Tax Agency Info tab;

b.    In the two Track tax on….. boxes, select Tax Payable;

c.    Click OK to save

  1. Rebuild your company file then verify to ensure no errors are left in the datafile

Need more help?

Ask the Reckon Community at: https://community.reckon.com/

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