GST


Overview


Funds registered for GST in Simple Fund 360 will record any GST amounts to each applicable transaction. Income and Expense Accounts will need to be setup in the Chart of Accounts to determine if GST is applicable or what proportion of GST can be claimed. Transactions entered or matched will automatically calculate the amount of GST to be paid or claimed determined by the rate set in the Chart of Accounts. Business Activity Statements (BAS) can be prepared and lodged to the ATO using Simple Fund 360. Several reports are available to reconcile the GST amounts

The sections below will cover the following aspects of GST in Simple Fund 360:

  • How to register a fund for GST
  • How to input the GST rate in the Chart of Accounts
  • How to record transactions with GST
  • How to prepare a BAS
  • Which reports do I use to reconcile GST amounts ?

BAS/IAS now available.

Register a fund for GST


From the Main Toolbar, go to Fund.

Select Fund details from the list.


Under the Reporting section, select the check box next to GST Registered. Select Save

GST RegisteredSelect this check box if this fund is GST registered. Simple Fund 360 will deduct GST amounts from assets, income and expenses in transactions and reports. 

Chart of Accounts - Setting up the GST Rate for each Account 


Each Account from the Default Chart of Accounts will have a default GST Rate set. This rate can then be modified on either a Global or Fund level.

From the Main Toolbar, go to Accounting.

Select Chart of accounts from the list.

From the Chart of Accounts, select the account. 

Selecting the Control account will apply the GST Input Rate to all Sub Accounts.

Select More Details

 

From the Edit screen, select the Input Rate. 

Select Save

Simple Fund 360 will now automatically apply the selected Input Rate to the transaction when recorded through the Transaction or Transaction Matching screen. Refer to Transaction Input for further instructions. 

 

Transactions and GST 


When recording Transactions through either the Transaction or Transaction Matching screen the GST Amount and Rate will be automatically determined by the Chart of Accounts.

GST Amounts will automatically be deducted from the transaction and saved to 84000 Account - GST Payable/Refundable (not during the create entries process).

GST amounts paid to or refunded by the ATO should be recorded directly to to the 84000 Account - GST Payable/Refundable.

Transaction Matching and GST


When using the Transaction Matching screen to create rules there is no need to input the GST rate when creating a rule. The transaction when matched will automatically be determined by the Chart of Accounts for GST registered funds that manually match transactions from the Transaction Matching screen that include GST. Ensure that you have completed the steps above (fund is registered for GST and all accounts have a GST rate selected). 

When matching a transaction and selecting an account, if the account selected has a GST rate input, it will automatically calculate GST on the amount prior to matching. 

Click the image below to expand it. 

Once the account is selected and GST is confirmed, select Match. Refer to Transaction Matching for additional matching instructions. 

 

Preparing and lodging Business Activity Statements (BAS)


Please refer to the detailed instructions in BAS/IAS