Quick Budgets: Interest, Opening Balances & Tax Items

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

1. Click the Interest button  to set your interest rate 
2. Separately complete then save the information required for Interest Receipts and Interest Payments

   (for example: Interest Payments is selected in the image below) 

   

3. Ensure that there is a tick in the box next to Active?
4. Click the green tick  or press F10 to save data
5. 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

1. Enter your opening bank balance (use the Move to end of budget button  and then enter your aggregate credit or debit account balance) 

   

2. 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:

1. Click the Tax off icon  to turn it to Tax on   
2. 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 

  

3. To record the late payment/receipt of the December quarter BAS/IAS, click 
4. Enter the date the payment/receipt is due and the amount

   

5. Click the green tick  or press F10 to save data
6. Then re-calculate the Taxes in the Quick Budget by clicking the Recalculate icon