How do I handle GST?
- Graham Comben (Unlicensed)
GST can be handled in Oasis in two ways - cash or accrual (or not at all). To switch on/off GST, select Preferences, My Money, Invoice Options and set Field #6 “Üse GST in this practice” to Y or N as required.
If set to Yes, then you need to select Preferences, My Money, GST Rates and Options to configure how GST will be handled in the practice. It can be based on payments received, or on invoices raised. Item codes need to be flagged as GST items, as not all item codes attract a GST (in Australia).
The GST Rates and Options table is as follows:
Tax Rate 10% The GST rate in force
Round to cents 001 The rounding value for calculations
GST Item Code /GST A general item code used for GST
GST Description Plus GST the description linked to the item above
Base GST on individual items Y Australia doesn’t have blanket GST
Add GST to Each item line N When set to Y, item fee is GST exclusive
Subtract GST from each line Y When set to Y, item fee is GST inclusive
GST subtraction rate 0.90909 The rate for calculating subtracted GST
Disable reducing GST on Discounts Y If set to Y, the system won’t adjust GST when discount is applied
Base GST on Invoices/Payments P The system is set to Payments (cash practice) ("I" for Invoice implies an accrual practice).
Once configured, GST is calculated automatically for every GST item that is billed/paid for in the system. All GST amounts are recorded in the Other, GST Reporting screen.
To add an item to the GST items, select Preferences, My Money, Item Codes and Fees and then select the item code to have GST - e.g. 151. Edit the code and look for field # 21 and enter "Y". Save the change.
The GST reporting screen is designed to record all GST on a periodic basis. It is up to you to “close off” your GST at the appropriate time (usually coinciding with your BAS).