How to do your GST if you are:
- Non-Cash (Accrual) GST & Accrual Accounting
- Non-Cash (Accrual) GST & Cash Accounting
- Cash GST & Cash Accounting
GST codes and Cash and Accrual systems explained - please click here
Step 1 Run your GST report
Path: Back office > General Ledger > GST Reports
When you run a GST Report all Current Entries will be included:
- Those entries not included in a previous return
- Any entries dated prior to the GST reporting period.
Run a detailed report to check that all entries have the correct GST tag:
- Do a rough estimate based on the period trading figures x GST to check against this report
- Check large sums such as government grants to ensure the GST has been appropriately tagged.
Entries in the GST Report are Date Related not Period related
|1.||[Entity] will default, select if you use different Entities|
[From Date] will default to 12 months prior
|3.||Select the [To Date] when are you doing the BAS return too|
|4.||Single Account is left blank for All Accounts. If checking on a single Account select it her|
|5.||Specific Sub Account is left blank for all Sub Accounts. If checking on a single Sub Account select it here|
|6.||Leave the Specific GST Class blank for all GST classes. If checking on a specific GST class select it here|
|7.||You will need to print the report in Detail to check the transactions|
Make sure the tick is in Current Entries Only otherwise all finalised transactions will print;
Do not finalise a Return until you have confirmed that all the data on the report has been correctly processed. Remember to re-run and finalise the report, with the same date restrictions, once you are happy with the figures. This tags the entries as being included in a GST Return and they are considered no longer current transactions
Step 2 Print a Transaction Lising for GST
Path: Finance > Gen Ledger > Transaction Listing
Run a Transaction Listing based on your GST Account - if processing follows:
Step 3 Balancing your GST transaction listing with your GST report
Non-Cash GST/Accrual or Cash Accounting the closing balance on this listing should be within a couple of $ when compared with GST Return for that period.
Cash GST/Cash Accounting the closing balance on this listing should be within a couple of $ when compared with GST Return for that period
Step 4 Out of Balance Procedure
Regardless of what type of GST reporting is used if the GST Return and the GST Transaction Listing do not balance there are a couple of quick checks that should show where the ‘imbalance’ occurs.
After checking the logical things like, was the previous payment amount correctly debited against the GST Account, proceed as follows:
a) GL GST Transaction Listing
Check transaction dates to ensure they are within the range specified on the GST Return. As well as checking the GST reporting period, you may also need to check the following month as transactions could have been dated within the GST reporting period but the batch finalised to the next period.
Check for blank dates as these entries would not be included on a GST Return.
b) Entries processed directly into the GST Account with no GST tag
Any corrections/journals etc. processed directly into the GST Account without a GST class will not be listed as a taxable transaction in the GST Return, whereas it exists in the GST account.
When processing journal adjustments, so that a transaction appears on the GST Return, do the following:
Calculate the gross amount by multiplying the GST amount for correction by 11 (Aust) and 9 (NZ). Debit and Credit the account that needs to be adjusted with the same grossed up amount, one with a GST tag and the other with a NA tag depending on the type of adjustment needed.
When batch is finalised, the GST entry will be processed to the ledger as well as to the GST Return.
Step 5 Finalising your GST (BAS return)
Once you are happy with the figures which then go to the ATO. Print and file away your GST reports and transaction listing and/ or keep a PDF copy of these.
Then reprint your GST return as per Step 1 (making sure you have the correct dates selected)
Select [YES]to the following question (this finalises all the transactions for this return)