Initial GST setup by Readysell

Readysell will help you prepare your initial gst position as follows:

Run a report from your existing system showing the GST receivable and payable as at the conversion date on a cash basis

Run a general ledger report showing your general ledger GST receivable and payable as at the conversion date on a accrued basis

Create one gst item as at the conversion date for each of the following as at the conversion date:

The cash basis GST payable
The Cash basis GST Free for Payable
The cash basis GST receivable
The Cash basis GST Free for receivable

If the (general ledger accrued basis gst payable - general ledger gst receivable balance) is less than the cash basis gst report (cash basis gst payable - cash basis gst receivable balance)

Create a general journal to account for the difference, post to conversion difference account

If the (general ledger accrued basis gst payable - general ledger gst receivable balance) is greater than the cash basis gst report (cash basis gst payable - cash basis gst receivable balance)

- The general ledger accrued basis GST receivable - cash basis GST receivable
- The general ledger accrued basis GST payable - cash basis GST payable
- Extract a GST batch and include the GST items above in the batch. Then post the batch.

Handling the end of your first GST period on Readysell

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