This article is for users who have outstanding receipts/payments from the previous financial year that has to be added into this financial year when starting a new file.
On the first day of the starting month, the outstanding transactions will need to be entered. Depending on which GST reporting basis, the user will need to enter these transactions differently.
Claiming On Cash Basis
For files claiming on a cash basis, enter the transaction as usual with the date (or transaction date) as the first day of the month to be cleared when it appears on the bank statement.
A cheque sent out on 30 June and entered into the previous file might only be cleared in the next financial year (the new file). When the cheque clears on 14 July, the GST will be claimed in the new financial year.
Claiming On Accruals Basis
For files claiming on an accruals basis, the GST should have been claimed in the old file in the previous financial year. In this case, record the transaction with the date (or transaction date) as the first day of the month and as GST Free. Ensure you enter detailed notes for the accountant and future reference.
An invoice sent on 30 June entered into the previous file may only be paid on the due date, 14 July (in the new financial year). As the GST would have already been claimed in the old file on the invoice date, it cannot be claimed again in the new financial year.