Eliminating many GST errors

POS SOFTWARE

I've seen firsthand the challenges people face with GST auditing. That's why I ensured that someone could audit their GST when we designed our POS system.

The GST Auditing Dilemma

We've all been there—trying to reconcile figures, often scratching our heads over what our accounting software tells us. It's a headache we could all do without.

Our Built-in GST Compliance Tools: Your New Best Friend

Our POS software has a powerful GST auditing tool. This makes your life easier. Here's why it's a game-changer:

Integrated Solution: No more jumping between programs.
Speed and Accuracy: Powered by Microsoft SQL for lightning-fast results.
User-Friendly Interface: Designed with retailers in mind, not tech gurus.

GST method

GST reconciliation method

What you are trying to do is find a mistake.

Let me walk you through how simple it is to use:

Go to Register Reports > Sales > GST Summary
Select your desired period
Review the detailed report, including a comprehensive GST breakdown.

This will give you a detailed report that includes this.

GST Summary report

It's that straightforward. There are no complex procedures, just precise, actionable data at your fingertips.

When Numbers Don't Add Up: Your Problem-Solving Ally

Even with the best systems, discrepancies can occur. Here's how our POS software helps you track them down. What you are trying to do is find a wrong transaction. Then, study it.

Narrow the time frame: In your accounting program, do the first half of the period and then compare the same period with your POS System.
Compare Systems: Easily check your POS report against your accounting software for this period.
If it is okay, go to the next period. If it's in error, half again go to 1

Keep going until you have a day; if both periods are wrong, pick the period with the most significant error and return to 1.

If both are okay, you are in the wrong period.

Dive Deep: Once you've identified the day, scrutinise individual transactions.

A Real-World Example: The $2000 Mystery

I couldn't determine why $2000 was missing from our GST. Using this software's auditing process, I discovered it was an insurance claim wrongly recorded as a sale in the accounting software.

Embrace the Future of GST Auditing

Don't let GST auditing be the bane of your existence.

It's not only compliance; it's about running your business more efficiently and profitably.

Common Questions about GST Reconciliation

Q: How can I reconcile GST at the end of the year?

A: Do the following steps

Gather all financial records for the full year.
Check the GST report in your accounting software from the start to end of the financial year.
Compare filed GST to collected and paid GST.
Research any differences in reported and actual GST amounts.
Make adjustments to ensure accuracy.

Q: How do I match GST to my balance sheet?

A: Do the follwing steps.

Generate both a Balance Sheet and a GST Summary report.
Compare the GST liability on the Balance Sheet to the liability on the GST Summary.
Investigate any discrepancies.
Check for unpaid invoices or unclaimed GST credits.
Make changes as required so the liability amounts match on both reports.

Q: What does GST reconciliation involve in Xero?

A: For some reason, I get a lot of questions about GST in Xero. It is easy in Xero to do GST reconciliation: