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Why is there a GST suspense, GST NET, and GST payable lines on the balance sheet? What are these for?
I have taken over the books for a company where the sales tax module was not used for a couple of years but it is being used now. I am confused by the appearance of 3 GST accounts on the balance sheet (GST suspense, GST payable, GST NET) and what they are for and how to adjust them (ie J/E).
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