This GST help note is the first in a series on Financial 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 Financial Settings.
Many of these account selections can be accurately made by Calxa when creating or updating your organisation data. The Financial 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 My Workspace -> Settings -> GST.
The GST Settings screen looks like the image shown below.
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.
Select the calculation type that is used to pay GST from the drop-down, the options available are accrual and cash.
Finally, select the schedule that reflects when you pay your GST.
You can create a custom schedule if needed via the desktop app which will then be available for use in the online app. Please refer to Cashflow Schedules at the end of Preparing a Cashflow Forecast for details on how to do this. Custom cashflow schedules are coming soon to the online app.
Click the Save Changes button at top right after you complete your selections.
Want to learn more? Have a look at the other help notes in the Financial Settings series:
Wages & PAYG
Bank & Trade Accounts