• Why is the GST in my Revised Cashflow incorrect?

    Budgeted GST is displayed in your budget based on two settings in your farm business:

    1. The financial year end.
    2. The frequency of GST periods i.e. one monthly, two monthly or six monthly.

    For those with a financial year end of March or May there is an extension for two GST periods:

    1. Filing your Feb/March return is extended until May.
    2. Filing your Oct/November return is extended until January of the following year.

    Cashmanager RURAL displays GST return predictions in a budget based on these extension dates.

    However, if you file your GST return before the due date, the payment or refund will appear in your actual Cashflow, based on the date it appeared in your bank account.

    If Campbell files and pays his Oct/Nov GST return on 28th December this will show in the December column. This is when his actual transactions were viewed in the Cashflow screen, and would differ from his budget. This could cause confusion if he viewed his actual transactions on Line One and budget on Line Two.

    Filing an early return may also cause confusion if revised data (a mix of actual and budget data) is used to create a budget.

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    Similarly, late payments can cause confusion. Campbell’s Jun/Jul GST Return was due 28th August. If he files for his refund in September, instead of August, this will cause a disparity when his actual transactions are viewed on Line One and his budget is viewed on Line Two.

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