CRS Content Team
What is GST in the Cashflow screen?
The GST section in the Cashflow screen displays two things:
A record or prediction of your GST returns.
A record or prediction of the GST component of your transactions.
The GST:General line in your Cashflow screen records (for actual data) or predicts (for budget data) whether there will be a payment or refund due for each GST return.
The GST Component line will only appear if the GST mode in your database has been set to Exclusive, meaning that all budget items you enter are exclusive of GST.
The GST portion (15%) of each transaction or budget item, that is coded with the Business (B) GST type, is totalled for each month and appears in the GST component line.
If there isn't a GST Component line, the GST mode in your database has been set to Inclusive, meaning that all budget items you enter are inclusive of GST.
How are GST payments calculated in a budget?
Using the image above, we can see the following:
The GST component for June, $216.00, indicates that income is greater than expenses.
The GST component for July, ($579.00), indicates that total expenses are greater than total income.
Both figures are totalled in the General line predicting whether the GST return filed in August will be a payment or refund.
Because overall expenses are higher than income for the June/July GST period, a refund for $364.00 is predicted.