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paddyr's avatar
Contributing User
8 months ago

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...
  • Mike_James's avatar
    8 months ago

    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.