For reports where the GST affects transaction amounts or totals, there are three options available to display this information.
GST Inclusive
All reports show the data at the full price including GST. This report format is most useful when cashflow budgeting since it shows the total amount of money that has to move.
GST Exclusive
All reports show the data at net price before GST is added. For Australian users preparing data for the PAYG Instalment section of your Business Activity Statement. This is the most useful report format.
When a trial balance is displayed as GST Exclusive, it shows the amount without any GST at all, and a secondary amount being the unclaimed GST for every sub-category where this applies.
GST Claimable Exclusive
This report excludes any GST paid on acquisitions that has been claimed as an Input Tax Credit.
Most reports show the net cost or income to the business. That is, the gross price less that proportion of GST that is claimed as an input tax credit on expenses. This report is most useful when business management planning, since the result reflects the end result to the business.
To Select Your GST Preference
To select the GST option in Reports:
1.Click on the View button to select the report.
2.Click on the Options button, to display the options for the selected report.
3.Click the GST option you require.
Each report clearly shows how it has interpreted the user’s selection.
See also: GST Report
