We supplied a Sales Invoice and was paid for a special order prior to 30th June. The cost of this sale was received in September. From a matching principle I think we need to accrue the expense of that sale. My question is what are the correct entries for year end, particularly the GST affect.
For GST this will depend on whether you account for GST on a Cash or a Non-cash basis for when each event will be accounted for. If on a cash basis, then it will be during the period when funds changed hands. And non-cash being the whole amount when either an invoice was issued or any part of the payment was made.
For GST this will depend on whether you account for GST on a Cash or a Non-cash basis for when each event will be accounted for. If on a cash basis, then it will be during the period when funds changed hands. And non-cash being the whole amount when either an invoice was issued or any part of the payment was made.
15 Apr 2026 · 4 min read time
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