How to finalise historical GST returns

Why should I finalise historical GST returns?

Finalising historical GST returns in Farm Focus ensures that your records are consistent with what has been filed with the Inland Revenue. This helps to avoid discrepancies that may affect your end-of-financial-year accounts.

Even if you file GST manually with the Inland Revenue or your accountant files on your behalf, it is important to finalise your GST returns within Farm Focus. This locks transactions for the reporting period and helps maintain accurate records.

Benefits of finalising GST returns in Farm Focus

Finalising GST returns within Farm Focus has several benefits:

• Accurate records: Keeps a record of what you have filed with the Inland Revenue.

• Simplified year-end processes: Clearly shows what has been claimed and not claimed, making end-of-financial-year processes more straightforward and cost-effective.

• Transaction security: Locks transactions for the GST period to prevent changes.

• Maximised software use: Utilises the full functionality included in your Farm Focus subscription.

How to finalise historical GST returns

TIP: Always consult your accountant before finalising historical GST returns to ensure accuracy and consistency.

1. Ensure that all transactions for the GST reporting period are either matched or coded.

2. Verify that the balance on Farm Focus aligns with your bank balance.

3. Open the GST report in Farm Focus.

4. Click Save Final to lock the transactions for that period.

NOTE: You cannot finalise your current GST return if there are any historical GST returns that remain unfinalised.

Important considerations

• If there are inconsistencies between Farm Focus and the GST return submitted to the Inland Revenue, these should be resolved before finalising.

• Your accountant may advise you to finalise GST returns even if they do not completely match the Inland Revenue submission, but they should be made aware of any differences.

• Farm Focus support cannot finalise historical GST returns on your behalf, as finalisation decisions should be made in consultation with your accountant.