If you have elected to prepare your GST Return or BAS Worksheet on other than the cash basis, (i.e. invoice basis or hybrid basis in New Zealand, accruals basis in Australia) (see GST Setup), you will also need to record the total amount and GST content of your unpaid customer and/or supplier invoices as at the date of your GST Return / BAS.
If you are tracking your unpaid customer and supplier invoices independently of CashManager, enter the gross GST amounts in the appropriate boxes.
However, if you have activated either Invoice Logs, or Full Invoicing, CashManager can extract the totals for you. All you have to do is click Calculate. There are, however, some important provisos with this, described as follows.
CashManager will offer, as defaults, the current totals from the invoice logs or ledgers.
If you are using Invoice Logs, any invoices dated after the GST close-off date will be ignored, but if you have started to process the new month’s receipts and payments, and have paid off any invoices from before the GST close-off date, these will be ignored. Therefore, if you will be working on the new month’s transactions before printing your GST Return, you should print the appropriate list of unpaid invoices (Invoice Log Report) as at the end of the GST period before starting the new month’s transactions. Then when you come to complete your GST Return, simply enter these values from the reports into the appropriate boxes.
If you are using Full Ledgers to manage your customer and/or supplier invoices, clicking Calculate will provide the correct balance retrospectively.
CashManager automatically adjusts for BAS or GST Return for the outstanding amounts at the start of the GST period. You will see these adjustments if you print out the GST Audit Trail. If you need to edit these starting values, you can do so from the GST Setup section under Setup - Options. However, extreme caution must be exercised so that current and future GST Returns and BAS Worksheets are correct.