Optional Set up for GST Go Live for Full Readysell

Overview

You may wish to setup your opening GST position in Readysell if you are running the full Readysell system (not Readysell Lite). 

Most sites just start GST reporting from the day Readysell goes live. Running prior GST reports from their old system. 

If you want to carry forward any GST reporting from your old system into Readysell, you need to follow the procedure below.

Notes

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.

Entries that are entered into the General Ledger via a Manual Journal have no impact on the GST Items or GST Batch run.  These entries must be accounted for manually.

All Transactions entered into Readysell that have any form of a tax code will flow straight into the GST Items Table.

Procedure

1. Before you can start using the Readysell GST Batch Run, Readysell needs a starting position from your Old System into Readysell 8 GST Items.
2. Readysell will create a script to select all GST items prior to the go live date in readysell and then delete these transactions.
3. You will need to provide Readysell with your closing GST Paid and GST Received figures from your Old Database.
4. This figure should line up to your General Ledger GST Paid and GST Received accounts.
5. Readysell will then run a script with the values you have provided to create a starting two manual entries in the GST Items table for the cut off date from your Old System.
6. A GST Batch will then need to be run for these two opening positions,when this batch is Finalise the GST Items will be flagged as Extracted.
7. You then need to check your GST Batch Balances to the General Ledger GST Paid and GST Received Accounts for that date range.