Contents - Index

G.S.T. Imputation

How G.S.T. imputation runs depends on the accounting basis being used.

1. The Payments Basis

G.S.T. is based on cash transactions only.  Client invoices, supplier charges and any related write offs, credits or debits are ignored.

2. The Invoice Basis

G.S.T. is calculated based on customer invoices and supplier charges.  This means you must keep these current.  Income and expense is adjusted based on write offs, credits/debits, or refunds.  

3. The Hybrid Basis

This is a combination of both of the above.   Non-cash transactions in income and cash transactions in expenses.

Generating a new Imputation form:

1. When opened the fields contain figures based on the imputation period. Change these dates if required and click the Calc button to display the new figures. 

If you have special expense adjustments (overpaid G.S.T., G.S.T. prepaid) enter the value into the field below field 13.  Once you have done so click the calc button.  The G.S.T. totals are recalculated to include that figure. 

2.  Generate a G.S.T. audit report from this form to validate what is in the relevant fields.  The expenses adjustment fields contain the business component of split transactions.

3. If you enter your G.S.T. return electronically keep this form open, go to the I.R.D. web site and use drag'n drop to put the relevant information on the page.

4.  If you are satisfied with what is shown, click the Finalise button.  Warning - this sets a "G.S.T. calculated" flag in the relevant transactions and their amount and date can no longer be modified.

5. You may print the G.S.T. return once the ledgers have been updated.  

6.  If you don't print the G.S.T. imputation form immediately after updating the ledgers click the Print Return button.  The relevant return can be reprinted by entering the correct dates, or selecting it from the list in the G.S.T. report form.

7.  If you make G.S.T. prepayments (or other tax prepayments - not provisional tax) enter the amount in the field under Box 13.  Then click Calc.  The manual entry is added to the value (if any) in Box 13.  If you make a mistake set the value to zero, click Calc again, enter the correct amount and click Calc.