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  • #988047
    fanix
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    Hi,

    I’m busy setting up my accounting software, im using Quickbooks Online Essentials.

    I’m at the point where I need to setup the GST setting, but im not sure what the select in:

    “Your current GST period begins” : {Jan,Feb,Mar,etc….}

    Is this the same as the financial year start, which is 01 July

    #1165381
    FalzonFinancial
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    ‘Your Current GST Period Begins’ will have to match in accordance with your GST reporting cycle, being the start date of your first BAS period. For example if your business become registered for GST on the 1 Jan 2014, you will have to let QuickBooks know that you wish to start the GST reporting in Jan 2014.

    Further, be sure to ensure the correct reporting method is selected. For instance if the ATO requires your business to report on a cash basis and you have selected accruals in QBO, this will overstate your GST liability, in most instances, as you will have to remit GST for sales earned but not received.

    Lastly, it is important your chart of accounts and GST codes are set up correctly to suit your business. If these are incorrect, it can result in BAS reporting errors.

    Hope this helps.

    #1165382
    fanix
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    My business reports on a cash basis. This is how I understand it. I’m doing to do Quarterly BAS statements. My company will start to operate Monday.

    aenrbr.png

    According to the ATO, this means my GST begin period is APRIL. So in quickbooks, I selected April in “Your current GST period begins”

    #1165383
    Luth6322
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    If your reporting quarterly, then the current quarter runs from April to June. As your reporting quarterly I would chose April month to ensure that then next quarter starts correctly in July.

    Cheers

    Carrie

    #1165384
    saeidaliz
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    Hi I have a question regarding GST setting up in QBK, My financial year start 1th July and my GST report is quarterly, however, our first taxable period is first August 2016 to 30th Sept 2016. I am wondering what date we should put as our current GST period? is it August 2016 or we should put Oct 2016 as today we are in the last quarter of the year?
    Thank you for your advice.

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