Activating the Taxes in Full Budgets

In order for GST, PAYG and Fuel Rebate to be accurately calculated you must enter tax opening balances. These can be obtained via Tax Reports in the Cashbook menu.

• If your budget period commences January, April, July or October you will have a Nil GST opening balance because your return has just been lodged
• If your budget period commences January, April, July or October and you use the PAYG Income Tax setup, you will have a Nil PAYG opening balance because your return has just been lodged
• If you are on a monthly return basis for all taxes, this will also mean that you will have Nil opening balances because the return has just been lodged.

1. Click the Tax Off icon to turn it to Tax On
2. Click the Tax Open Bal icon to:
   • Enter all opening GST balances for accounts linked to the Full Budget and select the Bank Account that will receive or pay the GST (i.e. Farm Cheque Account, 19/20 AWB Loan Acc)
   • Enter the opening Fuel Rebate balance and select the Bank Account that will receive the Rebate (i.e. Farm Cheque Account)
   • Enter the opening PAYG Income Tax balance and select the Bank Account that will pay the PAYG (i.e. Farm Cheque Account)
     
3. To record the late payment/receipt of the December quarter BAS/IAS click  and enter the date the payment/receipt is due, the amount and the bank account that will receive or pay the GST/PAYG
4. Click  or press F10 to save data.
5. To recalculate the Taxes in the Full Budget, click the Recalculate  icon.