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.
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Before running your first GST Batch, if you wish to line up your GST Items and have them balance back to the corresponding General Ledger GST Accounts, you will need to provide Readysell with the starting positions for Bas Codes involved. |
Configuring GST
- Log onto Readysell>Administration>Advanced>SystemTypes>Tax
- Code = GST-CASH-Basis
- If the Value is 1 that is Cash Basis GST , if the value is 0 that is accural.
- Ensure the right value is in the value field and click on Save
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- Log onto Readysell>Financials>Tax>GST Items
- 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
- 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
- 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
Review the data and check the value of GST Received and GST Paid - Export the result by dropping the 'Export' action button top ribbon and make your selection.
- 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
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