GST Journal

Top  Previous  Next

If your company is making the GST filing on a quarterly (or monthly) basis, print the GST report for internal filing purposes, recommended to print both to excel and pdf file.
 
Save the report in both soft copy for verification purposes at a later date, if need be.
Submit your Form F5 figures based on this report, online via the IRAS website. https://mytax.iras.gov.sg/

 
Make sure that the figures submitted is the same as your filing copy.

 

In order to ensure that no changes are made after your submission, do the following procedures.
 
1. You need to "close" your GST accounts by zero the balance as each quarter (or month) ends. If you have a separate input tax and output tax accounts,
   It is recommended that you move the balances of each reporting quarter to a GST payable or receivable control account in the general ledger.

Adjust your GST output tax and input tax accounts at the end of each reporting period so that the brought forward value is zero for the new reporting period.

2. Lock date


At [A/c Entry], click [GL Journal]

 

Click [Add]

 


 

 

GST Payable      : When total output tax is more than total input tax...Read more...

 
From the GL Enquiry, assuming you have balance payable as at 31st December  2019:
Output tax credit balance of  $16,123.32.00 and
Input  tax debit  balance of     $12,108.21 at the end of your reporting period.
Nett balance is payable to IRAS - GST department.
Amount of GST payable for this quarter is $4,015.11

To transfer (zero) the balance to the GST Receivable\payable control account,
Credit the input tax and Debit the output tax to reverse out the respective amount to the GST control account.

Enter the date, and the chart of accounts for GST input tax and output tax with its ending value.  See Attached File (Learn how to attach your GST detailed report in the journal)

 


 
At Output tax account and input tax account, zero it so that new quarter will start from zero again


 
 

 [8] Learn how to record payment to IRAS-GST from your company

 

GST Receivable : When total output tax is less than total input tax ...Read more...

   
From the GL Enquiry, assuming you have balance receivable as at 31st December 2019:
Input tax debit balance of  $34,556.00 and
Output  tax credit  balance of $29,354.00 at the end of your reporting period.
Nett balance is receivable from IRAS - GST department.
Amount of GST receivable for this quarter is $5,202.00

To transfer (zero) the balance to the GST Receivable\payable control account,
Credit the input tax and Debit the output tax to reverse out the respective amount to the GST Payable/ Receivable control account.

Enter the date, and the chart of accounts for GST input tax and output tax with its ending value.  See Attached File (Learn how to attach your GST detailed report in the journal)

 

[8] Learn how to record the bank in when IRAS issue a cheque for the GST refund to your company

 

2. Next, go to Setup --> Company Profile, Select your company, at the Primary Detail tab,
 
   Locked Date the a/c as at 31/12/2019 so that no entry is posted into the December or earlier accounts, especially the input and output tax account.

 

FAQ : How to record bank in when GST give a refund ? ....Click here (See Example 3)...
     
          How to record a payment to GST when the nett amount is payable?...Click here...

 

ACRA Seamless filing : GST payable and GST receivable data id


 

GST submission procedures

Related Topics

GST Report

 

Locked Date

 

GST_seamless

 

 

Watch all videos :

Realtimme Training Portal

 

 

http://realtimme.cloudapp.net/basic/index.html?gl_gst_journal.htm