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GST end of Financial Year Rollover

paddyr

Hi there

this might be a wider question than just for GST but here goes.

1)On my balance sheet i seem to have the life to date balances on the 3 GST GL's for Collected, Paid and payments/refunds. how do i roll these so im only showing the current month/YTD balances? is this a wider year end rollover question which i havent done?

2) also do the control accounts balances change unless run on the 01st of the new month for the 31st of the month prior? ie is the reporting dynamic and give the actual balances as at a certain date regardless of what date you run it, as it seems to move on me. Ie i run the AP reconciliation on the 1st for the 31st and if i run it on the 2nd for the 31st the balances change for any transactions that have come through in the new month

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Accepted answers

Mike_James

Hi @paddyr , for point 2, and AR & AP reports, the reconciliation reports can be backdated, but the "aged" repots can not.

For GST, yes the account balances will accumulate. You can record a general journal at the end of each GST period for the new return (simple example only):

Dr GST on sales

Cr GST on Expenses

Cr GST Payments & Refunds (if GST is due, DR if you expect a refund).

If your end of year accounts are prepared by external accountants, they may do that for you, so that only current amounts are carried forward to the new financial year.

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paddyr

is it possible to run a payables Reconciliation thats not aged? i cant see any? thanks

@Mike_James wrote:
Hi @paddyr , for point 2, and AR & AP reports, the reconciliation reports can be backdated, but the "aged" repots can not.

For GST, yes the account balances will accumulate. You can record a general journal at the end of each GST period for the new return (simple example only):
Dr GST on sales
Cr GST on Expenses
Cr GST Payments & Refunds (if GST is due, DR if you expect a refund).

If your end of year accounts are prepared by external accountants, they may do that for you, so that only current amounts are carried forward to the new financial year.

paddyr

thanks Mike.

Mike_James

Hi @paddyr , for point 2, and AR & AP reports, the reconciliation reports can be backdated, but the "aged" repots can not.

For GST, yes the account balances will accumulate. You can record a general journal at the end of each GST period for the new return (simple example only):

Dr GST on sales

Cr GST on Expenses

Cr GST Payments & Refunds (if GST is due, DR if you expect a refund).

If your end of year accounts are prepared by external accountants, they may do that for you, so that only current amounts are carried forward to the new financial year.