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paddyr's avatar
paddyr
Contributing User
8 months ago
Solved

GST end of Financial Year Rollover

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

  • 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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  • Mike_James's avatar
    Mike_James
    Ultimate Partner

    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's avatar
      paddyr
      Contributing User

      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. 


       

      • Mike_James's avatar
        Mike_James
        Ultimate Partner

        Hi paddyr , you could run the payables with tax report (which can be backdated) and remove the GST column.

         

        PS I recommend starting a new thread for a new topic.