Overview
The Goods and Services Tax (GST) in Australia is a Value Added Tax (VAT) on the supply of goods and services in Australia. The GST is levied at a flat rate of 10% on most goods and services, apart from GST exempt items, and input taxed goods and services. For GST purposes a tax period may be monthly, quarterly or annual and refers to how frequently you lodge your activity statement You use an activity statement to report your business tax entitlements and obligations, including GST, pay as you go (PAYG) instalments, PAYG withholding and fringe benefit tax instalments. Accounting for GST on a Cash Basis means that for a particular reporting period you include in your activity statement payments received for your sales and the amounts you paid for your purchases. Accounting for GST on a Non-Cash Basis(accrual) means you include in your activity statement the sales for which you issued invoices and the purchases for which your suppliers issued invoices.
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All Transactions entered into Readysell that have any form of a tax code will flow straight into the GST Module into GST Items.
General Ledger Journals do not create a GST Item
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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. |
From the Navigational>Financials>Tax>GST Items
You will see a series of Transactions depending on what view you have selected
- You can change the view to suit yourself.
Select the drop down box and click on one of the selections
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Flat view is a list of all open items by date with details to the right of the window of the source transaction
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- As you highlight each open item, to see more details of the transaction click on 'Show Source Record' doesnt make what view you have selected. The transaction will appear on another window for you to preview in more detail.
Also available is the ability to 'Export' any transaction highlighted to either XLS, CSV etc by clicking on 'Export to' and making a selection from there.
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Also available is the ability to narrow your search by setting a 'Date range' or 'Period Range' by clicking on either one of the icons top task bar and entering your criteria.
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Screen Prints of Different Views listed below
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Child pages (Children Display)
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