Initial GST setup for cash basis
- John Nairn (Unlicensed)
- Diane Partridge
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.