WARNING: This option will print the log file for the current period and then delete the current period transactions. This is a substantial report, if you do not want the system to physically print the report select a non printing archive spooler before proceeding eg. 999 Archive Spooler
NL / GST Options / Advance GST Period
Select OK.
Confirm correct period then Select OK.
The system now prints the logfille to the designated Printer. Choose OK and then Close and then Done
Having printed the log file, the program will print the end of period GST summary report.
Select OK, then Close and then Done
The final step is to choose Advance GST Period
Now check that the period has turned over correctly by taking the option “Display current period” on the main Nominal Ledger menu.
Should the GST period be rolling into a new financial year you will be asked to enter the close of the next financial year.
Example at the roll into the 2023 financial year you are asked for the following year (2024) end date.
Take OK, then save and exit.
The GST balance payable/receivable for that period can be transferred via journal entry from the GST input and output accounts to the GST control account prior to closing your Nominal Ledger period end.
The system can beset to do this automatically for you at the time you roll your nominal ledger or if you do not have this option turned on you will need to journal this via the option Control account journals on the Miscellaneous menu. This balance will then be cleared when the payment to or receipt from Inland Revenue Dept is processed.