The Tax Summary provides a simple overview of your GST position throughout the budget period, helping you understand how much GST you owe or expect to receive as a refund at any point in time.
The Tax Summary is located within the Budget Grid and contains the GST Summary, which displays your running GST balance and scheduled GST returns across the budget period.
1. GST Summary overview
Under Tax Summary, expand GST Summary to view the GST details.
The GST Summary contains two rows:
GST Owed or Payable
GST Return Owed or Payable
2. GST Owed or Payable
The GST Owed or Payable row displays the running GST balance for your budget.
The first value shown is your Opening Balance, which is configured in the GST Settings when the budget is created, or updated later if required.
As income and expenses are budgeted throughout the year, the running GST balance is automatically updated each month to reflect your cumulative GST position.
3. GST Return Owed or Payable
The GST Return Owed or Payable row represents a GST payment or refund due from a previous budget and GST reporting period, which will affect the cashflow for this budget.
The value is configured in the GST Settings when the budget is created. If not known at the time of budget creation, the figure can also be added or updated later.
The month in which this amount appears in the cashflow is determined when you pay or receive the GST, and as per the month selected in the GST Settings.
Together, these two rows provide a clear picture of your expected GST cashflow across the entire budget period.
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