Setting up your Company for GST

We recommend the following steps to set your company up for GST.

Update your Company Settings

  • Confirm your Tax Types
  • Include your Major Industry CodesInvoice and Statement Layouts

Update your Masterfiles

  • Item Masterfile
    • Set the Default Tax Types on Sales and Purchases of Items
    • Set the Major Industry Code per Item
  • Customer Masterfile
    • Business Registration Number
    • GST Status verified
  • Supplier Masterfile
    • Business Registration Number
    • GST Status verified
    • RMCD Approval Number
  • Close-off your SST Tax Period and set up your GST Tax Periods
  • Assign Account numbers to your accounts

Update your Company Settings

Tax Settings

  • If you are GST registered make sure your Tax System is set to Invoice Based.
  • Include your GST/Tax number under the Tax Details Section.
  • Ignore the Tax Period dates and Tax Period frequency – you will set this up later.
  • The system has set your default Tax Type to “S [SR] Standard-rated supplies”, this should be the Tax Type you expect to use the most, you can change your default Tax Type to another GST tax type if you wish by clicking on the default checkbox.

Major Industry Codes

  • These can be set up under Company Details…Additional Company Information.
  • Add all the codes that are relevant to your company.
  • The default Major Industry Code will be used for any new items you create.

Other additional information fields

  • Under Additional Company Information.
  • Include your Company’s City, State and Country.

Update your Masterfiles

Item Masterfile

  • To get to your item masterfile go to Items Menu > Lists > List of Items > click on edit.
  • For each of your items you need to:
    • Assign the correct major industry code as set up in Company Settings.
    • Set up the correct default tax type for sales transactions
    • Set up the correct default tax type for purchases transactions

 

Customer and Supplier Masterfiles

  • To get to your customer masterfile go to Customers Menu…Lists…List of Customers…click on edit.
  • To get to your supplier masterfile go to Suppliers Menu…Lists…List of Suppliers…click on edit.
  • For each of your customers and suppliers you need to:
    • Enter their Business Registration Number.
    • Enter their GST Status Verified.
    • [Suppliers only] Remember to enter the RMCD Approval Number for Self-Billed Invoice.
  • Include your customer’s country on your customer masterfile under User Defined Fields.

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Closing off your SST Tax Periods and setting up your GST Tax Periods

You will be able to easily set up your GST tax periods, as follow:

  • Navigate to the Tax Returns and Reporting screen:
    • Accountant’s Area menu…Tax…Tax Returns and Reporting.
    • Or, Reports Menu…Tax.
  • You will enter a wizard to setup your Tax Periods for the first time.
  • Confirm your Tax/GST number.
  • Set your Last Period End Date
    • Set this date to 31/03/2015 as it represents the end of SST Reporting and the beginning of GST Reporting.
  • Set your Last Tax Submission Due Date.
    • Set this date to 30/04/2015 – this will assist you with your submission due dates for your new GST Tax Periods these must be the last day of the following month after your Tax Period.
  • Set your Tax Period Frequency
    • For monthly taxable periods select – 1 (representing one month)
    • For quarterly taxable periods select – 3 (representing 3 months)

Adding New Accounts and Assigning Account Numbers

We have automatically created any new accounts for GST purposes in your Company. If you need to add any other new accounts these can be created from the Accounts Menu.

For GST reporting purposes (GAF export) you may be required to include account numbers. To assign account numbers to your list of accounts you need to do the following:

  • Go the Accountant’s Area Menu…Trial Balance Export…Assign Account Numbers.
  • Type in the account numbers alongside the relevant account.

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