This GST Spreadsheet is designed for a small business operating on a cash basis, as it helps to keep track of the GST collected and paid for each quarter as well as income and expenses for the end of year tax return.
Below, there are 3 screen shots showing the income and expenses and the totals page showing the quarterly and annual balances.
The spreadsheet is designed to be simple to use and easy to negotiate. It has 12 monthly tabs and a totals page. As the information is entered month by month the totals page is updated.
To enter the income, enter the date, the total amount received and whether GST applies to the transaction. If the business is GST registered then in most cases GST will apply to all income. The GST and Sales columns are automatically calculated by the spreadsheet.
To enter the expense the date and description need to be filled and the total amount of payment entered. (14th March 2011, Fuel for Car, $55.00) . Enter the business percentage of the transaction. If the fore mentioned fuel is for a vehicle that is 100% for business then the business percentage is 100%. Should the vehicle be used for personal use then the applicable percentage should be used.
The GST and the amount to allocate will be calculated automatically. The figure in the amount to allocate will need to be allocated to one of the expenses in the yellow highlighted columns. There is a checksum at the end of the spreadsheet that looks at the “amount to allocate” and the “yellow highlighted columns” and if they are equal the checksum will display a “Y” otherwise it will display a “N”.
Once all the data has been entered for the quarter then it is a matter of going to the relevant quarter and the entering the relevant figures to the Business Activity Statement.
Should you need to change the expense column description or the title of page this can be done by changing the description on the totals page. The changes are then applied to each month.