To calculate taxes, interest payments and interest receipts, you will need to setup and activate several sections of the Quick Budget. You need to complete your data entry beforehand.
The opening balance of your quick budget also needs to be setup to accurately calculate interest.
Setup & Activate Interest
- Click the Interest button to set your interest rate
- Separately complete then save the information required for Interest Receipts and Interest Payments
(for example: Interest Payments is selected in the image below)
- Ensure that there is a tick in the box next to Active?
- Click the green tick or press F10 to save data
- Repeat Steps 1-4 to set a credit interest rate if needed.
Once the Setup has been completed, click the Int Off icon to turn on the Interest Calculator (The button will then look like this: Int On ).
Enter Opening Bank Balance
- Enter your opening bank balance (use the Move to end of budget button and then enter your aggregate credit or debit account balance)
- Click Recalculate and your payment/receipt interest code and amounts should now appear.
Setup & Activate Tax
For GST, PAYG and Diesel Fuel Rebate to be accurately calculated, you must enter any tax opening balances. These can be obtained via Tax Reports in the Cashbook menu.
Opening balances will be required except as set out below:
- If your budget period commences in January, April, July or October:
- you will have a nil GST opening balance and/or
- you will have a nil PAYG opening balance return has just been lodged
- If you are on a monthly return basis for all taxes, you will have nil opening balances as the return has just been lodged
- If your budget period begins in January or February, you will need to use the Late GST payment feature to record the December quarter BAS/IAS
- Enter a negative amount in the GST setup if you owe the ATO money.
To set up & activate tax:
- Click the Tax off icon to turn it to Tax on
- Click the Tax Open Balance icon to:
- Enter all opening GST balances and the opening Diesel Fuel Rebate balance
- Enter the opening PAYG Tax balance