Hi Team,
I have a GST Control and GST Suspense account under Balance Sheet current liabilities.
Noted that GST for receivables and payables was set to flow automatically into GST control account:
Trade Payable - Cr Supplier Debit GST Control
Trade Receivable - Debit Customer Cr GST Control
GST suspense is used as receivable or payable from/ to GST (Actual Receipt/ Payout):
Payment to GST - Cr Bank Debit GST Suspense
Claimed from GST - Debit Bank Cr GST Suspense
Q: Will you suggest i do a manual journal entry posting to clear all the previous balance or is there other way or better suggestion for clearing GST control & GST suspense account.
Thanks.
