This GST help note is the first in a series on Cashflow Settings. A big chunk of your Cashflow Forecast and Balance Sheet budget is calculated for you in Calxa by using your Profit & Loss budget and the account and timing selections you make in Cashflow Settings.
Many of these account selections can be accurately made by Calxa when creating or updating your organisation data. The Cashflow Settings allow you to review and revise these nominated accounts and select payment schedules and rates where applicable.
To review and edit your GST settings click on Budgets & Cashflow -> Cashflow Settings -> GST.
The GST Settings screen is displayed
Select the schedule that reflects when you actually pay your GST.
Note: You can create a custom schedule if needed. Please refer to the Create and Edit a Custom Cashflow Schedule section at the end of Cashflow (Advanced Settings) for details on how to do this.
Select the calculation type that is used to report GST from the drop-down, either accrual or cash.
The GST Paid and Collected accounts are used for calculating tax paid and tax collected. Select the the accounts you use for each from the drop-downs.
If you use one account for both GST paid and collected select it in both drop-downs.
How is GST/VAT Calculated and Paid?
Want to learn more? Have a look at the other help notes in the Financial Settings series: