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Larger businesses (turnover more than $2 million) have to use accrual accounting for GST purposes, but smaller businesses have a choice. Both methods have advantages and disadvantages, so it is up to the individual business owner to study the implications and make a decision.

You will need to double check with your accoutant which method best suits your company.

Cash Basis GST applies as transactions are recorded when cash actually changes hands. Your business income and expenses are recorded when they are paid, not when you issue or receive an invoice.

Ensure you have notified Readysell before you go live as to whether you are Cash Basis GST.

Create a Folder on the Server for the GST Reports and a Sub Folder for Each Quarter.

GST Items Cash Basis List View

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1. From the Navigation panel, click on 'Financials'> 'Tax' > 'GST Batches'
2. Click on 'NEW'
3. Click on 'Extract GST BATCH'
4. Click on 'GST Item Set'
   1. First time around, Click on New to create the GST Item Set or if the set already exists just select it
   2. First time around Enter a Name in the Name field. E.g: Your Site Name followed by GST Cash Basis
   3. First time around Enter the "Start From Date" and "End At Date" ( this is the date of the gst quarter) The start date is usually back dated to some time in the past and the end date is the end date of that GST Quarter.
5. Click on "save and close"
6. Click on Ok to run the GST Batch for the date range you have entered. Remember to leave the start date as a back dated date and the end date to be the last day of the gst quarter
7. In the Detail Area, Both a Summary Tab and Detail Tab will display the result. Check this thoroughly
8. Check that the transaction types have the correct gst code and are in the right bas code.
9. If any transactions need to be corrected please correct and re extract the gst batch on the same GST Batch run. If any of the Transaction Types are in the wrong bas code area, check that the raw data has the right tax code that is the product code. Then all you need to do is export the summary report and cut and paste the Transaction Type/Tax code into the right Bas Code Area and check the totals .
10. Once all data looks correct save it clicking on "SAVE and CLOSE ".
11. Export the Summary and Detail Report to Excel by Selecting Show In Report
 and

GST Reports

1. Once you are happy with the GST Batch Result and you have compared the Batch result to the GST Detailed Report, you can run the GST Summary Report and The GST Calculation Worksheet.

2. Click on Show in Report
   

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3. Select GST Batch Summary to start 
4. If you need to make changes and move the transaction types into the right Bas Code area, Click on 'Export To' and select XLS
   Cut and past the Transaction types with the wrong tax code into the right Bas Code area and save it into the correct GST Sub Folder for that Quarter.
5. Click on report and gst worksheet and detailed gst report into the sub folder for the quarter in question.'Show in Report' and select 'GST Calculation Worksheet' . The worksheet is NOT to be Submitted to the ATO it is purely for your use.
   Ensure you save the worksheet into the gst sub folder. 
6. The GST Batch will remain with a Status of OPEN until you have reviewed the data and then POST it.Before you post the GST Batch Readysell suggests that you run a GST Detailed Report and compare both the GST Detailed Report to the GST Batch.. 
7. If you are happy with the result, go back to the GST BatchesBatch, Highlight the Outstanding GST Batch and Click on "POST GST BATCH".
   By Posting the batch, this sets the flag of ' Extracted' on all the system upates the GST Items that are on that batch. 
8. Now you can run the GST Worksheet
9. Highlight the GST Batch number and click on 'Show In Report'
10. Select 'GST Calcuation Worksheet'
    This worksheet is not to be lodged with the BAS it is purely to be used to transpose the figures and also remember to save it into the GST reports folder.within that Batch and sets the flag of ' Extracted' to be True.