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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 accountant 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 or check the system reference yourself. GST

Create a Folder on the Server for the GST Reports and a Sub Folder for Each Quarter if you wish to archive the reports. This is optional as reports can be run at any point in time.

GST Items Cash Basis List View

1. From the Navigation>Financials>Tax>GST Financials>GST Items 

2. A list of all GST Items will display. 

3. Select from the Drop Down Filter Box at the top Ribbon 'GST Cash Basis View' or create your own Cash Basis GST View View Variants Button

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4. Either way to ensure that you select the right data for the date range to reflect the BAS you are about to Submit follow the steps below:

   1. From the List View, Filter the field of 'Extracted' set to Unchecked or 'Extracted <> TrueUnchecked 
   2. Then filter the 'Cash Basis Due Date' to be the date less than the first day of the next quarter. Eg if your GST Bas Quarter end date was 31/5/2016, then the filter for the cash basis due date field would be 'cash basis due date Less than 1/6/2016'
      OR

   3. Click on the Cash Basis Due Date Column heading and click on the filter

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   4. Select Filter by Specific Date

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   5. The list view will display and the list will be empty

   6. Down the Botton of the list view for GST Items Window will display a Filter, Click on Edit Filter

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      Change the filter to read as follows (see screen print):
      Remove the line that reads 'Cash Basis Due Date is greater than or equal to ' ' by clicking on the X
      Change the line that reads 'Cash Basis Due Date is Less than' to the first day of the next month into the next quarter
      Add the Line of to the filter by clicking on +  'Extracted Equals False'
      Click on Apply
      Click Ok

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   7. The system will draw to the screen, all transactions that have not been part of any GST Batch for all Cash Basis Due Date less than the 1/7/2016 as per the example above
      Right Click on any one of the Column Headings and Select 'Show Report Footer'
      On the Column for GST Paid and GST Reviewed in the footer, right-click and Click on Sum to get a total.
      Check the total of the GST Paid and GST Received Columns.
      These columns should equal the value that will be reported on the Detailed GST Report and the GST Batch you are about to extract.

   8. Also, ensure to check that the transaction types are in the correct BAS code and have the correct tax codes.
      Expand the list and look at the transaction types and codes

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      Then open each bas code and check the transaction types and tax codes
      This can be done way before the extraction of gst. It can be reviewed weekly
      Address the transaction if it is in the incorrect bas code
      
      

   GST Cash Basis Reporting

   
   

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1. From the Navigation panel click on Financials and then click on Reports Select Navigation>Financials> Reports >'List Reports'
2. Search for 'GST Detailed Report'

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1. 1. Click on Filters Tab in the detail area

   2. Click on All GST Items. If there is no Filter/query on this one, Copy it and create a filter to stand for Cash Basis GST.
      Please note, that if you have not extracted a GST batch you can use the filter suggested below.
      If you have extracted and posted the cash basis GST batch, you will need to create a new filter with the field Extracted = True
      When you extract a GST batch and post it, the field Extracted will update and no longer be blank.
      You can create two filters, one for extracted = true for GST the quarter if the GST batch is posted
      Then another filter for extracted = false for the GST quarter where the batch is either not extracted at all, or extracted and not posted.

   3. Query/Filter will need to be set up like this : 

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   4. Highlight the Query to stand for Cash Basis 

   5. All you need to do is change the "Cash Basis End Date"  to be the first day of the next month and Click on Save in the Top Ribbon

   6. Then Click on the action button in the detail area 'Show report using the filter'

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   7. Report The report will appear on to screen

   8. Check that this report lines up to with the GST Items and GST Batch when you extract the batch.

   9. Leave the report on the screen

   10. Once you have extracted the GST Batch and reviewed the data, compare the gst GST batch to the detailed list report and the list view on the gst GST items.

   11. Once you are happy that the results on of this report are correct feel free to export it and save it.  This is optional

   12. Click on 'EXPORT TO" BUTTON

   13. Save the report in the GST Reports Sub folder Subfolder for that Quarter (optional not necessary as you can run reports at any point in time).

To start a GST Batch run

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on Cash Basis

Before Extracting a New GST Batch, check and ensure that the previous GST Batch has been posted and no GST batches are outstanding.
The system will not allow you to extract a New GST Batch until the previous batch is posted.  

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 ".

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