CRS Content Team
What is GST basis?
In Cashmanager RURAL you can select what basis your business claims its GST on - payments or invoice.
Payments basis (claiming GST against the date payment is made/received).
- This is normally used in conjunction with financial year reporting.
Invoice basis (claiming GST against the invoice date).
- This is normally used in conjunction with cash reporting.
The decision on whether to structure your business for payment or invoice basis GST is an important one that you may wish to discuss with your accountant. It significantly impacts your use of Cashmanager RURAL and how data is presented - not only in the Cashflow screen but also on the Dashboard (i.e. the Farm Working Cost Tracker Graph will select data and plot it based either on its transaction date or its invoice date).
It’s a good idea to check whether you have set-up Cashmanager RURAL for payments or invoice basis GST and to discuss with your accountant what is best for your business.