CRS Content Team
This is the GST mode most commonly selected. It means that the Cashflow screen will display budget and actual data exclusive of GST. There will be separate lines displaying (1) your recorded or predicted GST Returns, and, (2) the GST components of your transactions.
It is also beneficial to select the GST exclusive mode because:
- Invoices with multiple transactions will normally display a GST exclusive amount for each line item.
- Stock, crop, and wool prices are GST exclusive.
- Dairy prices that are automatically fed into the Dairy Forecaster from Fonterra, Westland, and Synlait are GST exclusive.
For example, when Campbell looks at his Main 2016 Budget in this mode he can clearly see the GST Component data being used to calculate his predicted GST returns.
This means that the Cashflow screen will display budget and actual data inclusive of GST. There will be a single line displaying your recorded or predicted GST Returns and no line separating out the GST components of your transactions.
For example, when Campbell looks at his Main 2016 Budget in this mode his income, purchases, and balances will appear differently because they are shown as GST inclusive.
Setting None as the GST mode will advise the software that your business is GST exempt (i.e. your business is not registered for GST). It will prevent any GST from being calculated and prevent GST reports from being run.
Any transactions created in this setting will not have GST applied if the GST mode is changed at a later date.
If the GST mode is set to ‘None’ in error, or your business registers for GST part-way through your financial year, please contact our Support Team for assistance.