Creating reporting periods

After creating a company group, you can begin the process of creating reporting periods and preparing data for reporting to the ATO based on the VAT settings. BAS values are entered manually. You cannot create a period for an individual company unless that company is in its own group; that is, a GST group of one company.

You can use GST reporting periods function to:

• Create and manage reporting periods.
• Track and update the validation status per period.
• Manually enter additional BAS values.
• Run the GST report for the GST group or for an individual company to check amounts.
• Use data in the preparatory report to submit the data to the Australian Tax Office (ATO).
• Close a GST reporting period.

While complete information on reporting periods is detailed in the Online help, here are key points to keep in mind.

• You can only start the GST data update when there are no pending changes on an open GST period.
• Once a period is closed, the data is finalized and no more updates are possible.
• The reporting frequency, monthly or quarterly, is defined by the GST group profile.
• You have the option to include unreported journal entries in a current period from a previous period.