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.

NOTE

Please note, ensure to close off each period.
DO NOT BACKDATE any transactions into a prior period or quarter if you can avoid it.

If you choose to manually reconcile GST items and not use the GST Batch, then you will need to monitor transactions that have been back dated into a past GST quarter.
If you choose to not use the GST Batch, then Readysell suggests that you run the reports using a filter not a parameter.
The filter to be by Date Created to pick up the back dated GST items

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.
Readysell will insert these figures behind the scenes.
This process incurs a charge.

Also when looking at GST Items or GST Batch, ensure you check the taxcodes that have been used are correct against the transaction types.

When balancing GST Items and GST Batch back to the General Ledger Postable accounts, if you have inserted any journal entries against a General Ledger GST Account, you will need to take the entry up as a reconciling entry.

Journals do not flow back to the GST Items table.

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

GST Items

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

GST Detailed Report

Log onto Readysell>Reports>List Reports>GST Detailed Report
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
Filter below for Cash Basis GST
Cash Basis GST Filter
Filter below for Accrual Basis GST
Select on the Parameters 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
Accrual Basis GST Paramater
A report will appear to screen
Either save or or print it.

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