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paddyr's avatar
paddyr
Contributing User
2 years 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
    Mike_James
    2 years 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 Cover User

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
2 years ago

thanks Mike. 

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