Home – New Forums Money matters Cashflow or any other one for that matter…. Reply To: Cashflow or any other one for that matter….

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I don’t know which accounting software you use, and I’ve never actually done this myself, but from a logical point of view this is what I believe you should do.

Make sure all your invoices, payments etc are entered and up-to-date
Reconcile your bank statements
Print/save a trial balance
Check your trial balance for anything that doesn’t look right and make corrections
Reprint/resave your trial balance
Do a backup and name it “Final prior to GST”

Then you need to change your information in your software to show you are registered for GST. Some accounting packages will already have all this, or change it once you change to including GST. Best to check the help section of your software. You need to make sure you have the GST accounts either separately in each of Assets and Liabilities, or as one account in Assets. You need to make sure all your general ledger accounts are set to show GST.

I’m not sure that you need to “close off” all your accounts up to the changeover date? Your trial balance and backup will be your closing point.

I would check with your help centre first.

Wendy :)