MoneyWorks Manual
The Setup GST Report
Note: This is not required for pure sales tax countries such as the USA.
If you have been entering opening balances as described in the previous sections, MoneyWorks will have been keeping track of your GST for you. However you will already have accounted for this GST elsewhere, so we need to clear it. We need therefore to do a special one-off GST report from MoneyWorks, and journal out this GST. Otherwise we are in danger of double counting it.
Note: You should do this GST report after all your opening transactions have been entered (the opening journal can if necessary be entered after).
- Choose Reports>GST Report
The GST Report Setup window will be displayed. Check that it is reporting on the correct basis (payments or invoice), that the GST report date is set to the close-off date, and that the Show Transactions option is set.
- Print the Report
You will be asked if you want to finalise it. Before you do this, check that all the transactions that appear on the report appear correct.
The only GST that should appear in the report is that for unpresented items and unpaid invoices—all other transactions listed should have zero GST components. If you haven’t claimed back this GST previously (which would be the normal case), you will need to manually adjust the results of your next report to account for it.
If there are any errors you should not finalise the report. Rather correct the transactions by entering adjustments —see Cancel Transaction and redo the GST report.
- If the report appears correct, ensure the “Journal to Holding Account” option is turned off (as in this instance we don’t want a journal), and click Finalise
The transactions on the report will be tagged as having been processed for GST. They will not appear in future GST returns. We assume (of course) that the GST has been calculated for these in the previous system.
Note: If the Close-Off Date does not coincide with the end of your GST cycle, you will need to reset the Next Cycle Ends On date in the GST preferences to the date the next GST cycle ends after your Start Date.