Use the GST menu to configure your forecasted GST calculations as Cash or Accrual and choose the months you pay the liability. GST / VAT settings are part of the overall Cashflow Settings. You should review all the cashflow settings to take the heavy lifting out of preparing a Cashflow & 3-Way Forecast.
Browse to Budgets & Cashflow -> Cashflow Settings -> GST / VAT.
In which months do you pay GST / VAT?
Select the periods that you pay your GST/VAT liabilities.
Note: 💬If the periods you require are not shown you can create a custom schedule.
How do you report on GST?
Note: 💬Budgets in Calxa should be entered exclusive of GST/VAT. Tax is added to your budgets according to the default tax code. See the Cashflow (Advanced Settings) to amend the default tax applied.
Select the calculation method from the dropdown. When you register for GST/VAT you'll generally register with the Cash or Accrual calculation method. This is what you should choose here.
Calxa will use the Debtor and Creditor timing to estimate the cash inflows and outflows for a given period and thus forecast the GST liability incurred from those forecasted inflows and outflows.
Calxa will use the opening balance liability as determined by the GST Paid & GST Collected accounts nominated next and add tax to this starting position based on your accrual budgets. The closing balance on these accounts at the end of an activity period will be the forecasted payment amount.
Which accounts do you use to report GST/VAT?
Your accounting system will have special accounts for tracking GST/VAT Liabilities. Select the GST/VAT Paid and GST/VAT Collected accounts you use. In some accounting systems there will be just one GST/VAT control account. In this case nominate the same account as both Paid and Collected.
How is GST/VAT Calculated and Paid?
For a more detailed explanation on how the GST calculations work please refer to the frequently asked question on this topic - How is GST/VAT Calculated and Paid?