When you prepare your GST return, you need to select how you report GST. This is known as your GST accounting basis. You will either report on a Payments (cash) basis or Invoice (accruals) basis. These are described as follows: Payments (cash) basis: You report GST collected and paid at the time of receipt or payment. For example, you make a sale for $100 on 01 August but don't receive the money until 20 September. The GST will be reported as collected on 20 September. Invoice (accruals) basis: You report GST collected and paid at the time of issuing or receiving a tax invoice, before an actual payment is made. For example, you make a sale for $100 on 01 August but don't receive the money until 20 September. The GST will be reported as collected on 1 August. Preparing the GST returnBefore preparing your GST return, make sure you select the correct setup information, including: the last month of your reporting period the period the return covers the reporting basis, and the adjustment accounts you use for GST.
For example: Image RemovedImage Added Click Preview GST Return to view or print the amounts you are reporting. UI Text Box |
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| Can't preview your GST return? If you use an earlier software version, use the GST Summary report to view GST amounts recorded in transactions, and compare the amounts against the balance of your GST accounts for the period. |
Reconcile GST amounts using reportsThe basis on which you report GST determines which reports you should print to reconcile your GST return. The reports are classified as either Payments or Invoice reports. When printing a report, make sure you select the same date range as the GST return reporting period. To access the reports, go to the Reports menu and choose Index to Reports. In the Index to Reports window, click the GST tab. Image RemovedImage Added The GST reports are listed under the following sub-headings: GST Reports: These reports list GST amounts incurred and charged in transactions for the period. You can use these reports to check that transactions had the correct GST code assigned to them. GST Code Reports: Use these reports to check for transactions with incorrect GST codes or transactions that don't have a GST code assigned to them. Reconciliation Reports: These reports show GST amounts recorded in transactions for the period and also list the balance of your GST accounts. Use these reports to check that the total GST recorded in transactions matches the balances of your GST accounts. |