Page Comparison

Overview

GST is a broad-based tax of 10% on most goods, services and other items sold or consumed in Australia.
Larger businesses (turnover more than $2 million) have to use accrual accounting for GST purposes, but smaller businesses have a choice.

You can either be Accrual or Cash Basis GST.
The system can be configured to be either. This configuration must be done before you go live.

Configuring GST 

1. Log onto Readysell>Administration>Advanced>SystemTypes>Tax
2. Code = GST-CASH-Basis
3. If the Value is 1 that is Cash Basis GST , if the value is 0 that is accural.
4. Ensure the right value is in the value field and click on Save

...

1. Log onto Readysell>Financials>Tax>GST Items
2. Select one of the filters from the drop down selection in the top ribbon or design your own gst items window by dropping and dragging fields Searching, filtering and sorting lists
3. If you are accrual basis gst filter your list view by selecting the field 'date' is less than the date range in question and field 'extracted' = false
4. If you are cash basis gst filter your list view by selecting the field of 'Cash Basis Due Date' is Less than the first day of the next month into the next quarter
   Add the Line of 'Extracted' Equals False'
   Click on ApplyReview the data and check the value of GST Received and GST Paid
5. Export the result by dropping the 'Export' action button top ribbon and make your selection.
6. The difference between GST Received and GST Paid depending on which one is higher is what you owe the government or the government owes you

...

1. Log onto Readysell>Reports>List Reports>GST Detailed Report
2. For Cash Basis click on the Tab Filters in the detail area and select or copy the existing cash basis due filter and add a new filter see below

3. Filter below for Cash Basis GST

   Expand
   title Cash Basis GST Filter
   Image Removed Image Added

   
   

4. Filter below for Accural Basis GST
   Select on the Paramaters window one of the parameters
   Enter a date into the past and the end date to be the last day of the gst quarter
   Click on OK

   
   

   Expand
   title Accrual Basis GST Paramater

   
   
   

5. A report will appear to screen
6. Either save or or print it.