Before you can start entering your transactions enter your business details and set up your GST details to report your business transactions on the correct date.
Let's add Steve's business and GST details for the financial year April to March 2016.
This website will give you the business details
For this section Dale Trainer Notes will guide the areas to work through.
- Start with the Setup > Company Information window to add the Business Details that you have obtained from website details
- Then talk to the GST settings and where they are set by default
- (in AU you can click the BAS info button and talk to settings)
- (For NZ) you'll need to go to Accounts CC > Prepare GST Return
From the Accounts Command Centre click Prepare GST Return and check out the default GST settings. Make any necessary changes.
IckyLeaks GST reporting requirements are as follows:
GST Reporting frequency: Monthly
GST Reporting Basis: Cash
Default settings are what we want but you can talk to the options here and relate it to the GST return they need to complete at the end of the reporting period and how easy it is to get out of AccountRight.
For NZ quickly Preview GST Return so they know you can get it out of software.
And whilst we’re talking about GST….
- From here segue to List > GST Codes (Tax Codes for AU)_ and talk about how GST is sorted for you
The GST Codes list is what helps sort out your GST on transactions. You can access this from the Lists menu.
GST codes are used to track GST paid to or by your business. Each GST code represents a particular type of GST.
GST is sorted for you - that’s what the GST codes are used for.
Different GST Codes have already been set up to track the different types of transactions so the information get sorted for the GST return.LISTS> GST CODES (for example GST already set up - as explained earlier in the PPT - 15% will be calculated on Sales and Purchases and put into the GST bucket - refer to the accounts that will track it - later we will see how every transaction will be allocated a TAX CODE)
- And then just discuss some and when they might be used.
S15, E, N-T,Z (for NZ)
GST, FRE, NT (for AU)