If your Fund is registered for GST on a non-cash (accruals) basis, you will need to make a separate Journal Entry to account for the GST for each creditor invoice that included GST in the charge.
In this case, you should debit the net cost (exclusive of GST) to the expense account and debit the GST component to Account 2-1000 GST Paid. Then credit the total invoice value to Accounts Payable or Sundry Creditors.
NOTE: If your fund is registered for GST on a cash basis, you will need to account for GST at the time of paying the invoices. Please refer to Section 5.1.2: Accounting for GST at Payment time.
NOTE: GST on invoices related to segregated assets
If this invoice was allocated to a member (because it relates to a segregated member asset), only the NET cost should be entered to the Member account. (Refer rows 3,4 and 5 showing entry of an invoice for investment advice offered specifically to member Annabel Smith.)
Both the GST component and the Credit should be allocated to the Fund, as the debt will be paid by the Fund and the GST credit will be claimed by the Fund at the next BAS lodgement.
For instructions for entering your end of period BAS return, please see ACCOUNT MAINTENANCE: JOURNALS – BAS RETURNS