Using the GSTJournal
Start by entering the name of each account (accounts are usually bank accounts but could be credit card accounts or accounts with suppliers) and the opening account and cash balances. You will also have to enter the dissection heading details and if relevant the debtor and creditor codes and job cost codes. When entering the dissection headings (eg sources of income and expenditure and balance sheet items) you can insert / delete as many columns as required.
Enter the Amount of Debit of Credit and all Descriptions and Codes First
Do not enter data into the coloured cells except opening balances. Do not move data by cutting then inserting. Do not move data by moving it, copy it first then go back and delete what you copied.
Accruals from the previous year and outstanding cheques are re entered and marked accordingly.
The Net Amount for Posting is Calculated Automatically
The journal, unlike any others we have seen is divided into two sections – a non GST part set out just like a traditional journal or cash book and a GST part. This is the main difference between what the GSTJournal does and the way everybody else including the taxation office are trying to go about working out GST. We think our method is the best (of course!)
Different "views" are set up by pressing the + and - keys at the top of each screen. We have avoided writing them as macros and attaching them to buttons that clutter up the screen.
For customers with an ABN but who are not GST registered the GST part of the journal does not have to be filled in. A simple journal book in which GST is also recorded results so that the net amounts (required for your taxation returns) balance to the account, cash or both.
Then Post the Net Amount for Posting to an Income or Expense Account
It is best to fill in the GST part of the journal first and the amount of debit or credit as the spreadsheet will then work out how much is to go into the dissection columns and show this in the .grey "Clearing to Balance" column. Until a date and GST code is correctly entered and each line balanced by a correct posting the far left Error Flag column will not say "OK"