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paddyr's avatar
paddyr
Contributing User
9 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...
  • Mike_James's avatar
    Mike_James
    9 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. 

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
9 months ago

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
    9 months ago

    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.

  • Leneth_A's avatar
    Leneth_A
    MYOB Moderator
    9 months ago

    Hi paddyr, 
     
    Thanks for your post and welcome here to the Community Forum. We are glad that you found this forum a valuable resource. Also, I would like to thank Mike for sharing information that helps you resolve your concerns. He is correct that you may always start a new post for a new topic to assist you further. 
     
     
    We will be closing this thread now. Feel free to come back to the Community Forum if you have any more questions, we are more than happy to assist. 
     
    Cheers,  
    Leneth