This blog takes you through the simple steps on how to calculate and post the GST settlement in Microsoft Dynamics 365 Business Central, and how to print the GST Statement report, which can then be used to prepare the Business Activity Statement (BAS) with the ATO.
Let’s dive in:
GST Statement Report
Under the Finance tab, select GST Statements.
On the GST Statement page, select Edit GST Statement.
This report can then be used as a basis to prepare the BAS as it calculates the amount payable or refundable to/from the ATO.
From the GST Statement window, select Print from the Home tab.
In the window, complete the fields as per below:
- Starting Date- enter the date the GST statement lines should start on the report e.g. The first date of the month/quarter.
- Ending Date- enter the date the GST statement lines should end on the report e.g. The last date of the month/quarter.
Select Preview to view the report.
Save/Print the report if needed. This report can then be used to prepare the BAS as it lists the amount to be filled in for each GST label.
Calculating and Posting GST Settlement
Once all transactions have been entered for the month and the reporting is finalised, the GST Settlement can be calculated and posted.
This batch job can be used to preview/print a test report or to start the posting process. The posting process will close the open GST entries for the period and transfer the purchase and sales GST amounts to the GST settlement account.
Select Calculate and Post GST Settlement.
In the Calculate and Post GST Settlement window, complete the fields as per below:
- Starting Date – enter the first date in the period from which GST entries are processed in the batch job e.g. The first date of the month/quarter.
- Ending Date – enter the last date in the period from which GST entries are processed in the batch job e.g. The last date of the month/quarter.
- Posting Date – enter the date which the transfer to the GST settlement account will be posted e.g. the last date of the month/quarter.
- Document No. – enter a document no e.g. BAS Jan 20.
- Settlement Account – select the GST settlement account (use the drop-down box to navigate to the account).
- Show GST entries – select this box to view each individual GST entry. Leave the box unticked to view the settlement amounts by GST posting group.
- Post – select this box to post the transfer to the GST settlement account and close the GST entries for the period automatically. Leave the box unticked to preview/print a test report.
- Show Amounts in Add. Reporting Currency – select for report amounts to be shown in the additional reporting currency, otherwise leave unticked.
Once all relevant fields are completed, select Preview.
Preview the report and save/print if needed. If the Post option was selected, the GST entries for the period will now be closed, and the purchase and sales GST amounts will have transferred to the GST settlement account. If the Post option was not selected and the above process was to only preview the report, complete Step 1 again, this time selecting the Post option to post the entries.
Running a Detailed GST Report
For a more detailed report showing the transactions under each GST category for the period selected, EBS provide has Australian localised extension ebs-plus which delivers a range of features to improve processes and productivity.