You did not finalise the return for the previous cycle, so the cycle date was never updated.
Notes on GST
Whenever you enter a transaction into MoneyWorks or CashWorks, the GST component is automatically calculated for you.
To determine your GST liability to the Inland Revenue or ATO, you simply need to run the GST Report. This looks at every posted transaction dated on or before the GST cycle date that has not previously appeared in a GST report. The GST Report lists each transaction and its GST content (providing you with an audit trail should you ever have a tax audit), and summarises these by the types of tax (GSTable, GST-Free, Exempt and so forth). You should check this report, and when satisified that the numbers are correct, finalise it. Finalising will tag each transaction as having been processed for GST (so it won’t appear in future reports), update the GST Cycle Date, and prepare the information for the GST Guide.
- Your GST processing is not complete until your GST report is finalised.
- You should never complete your GST Return /BAS without finalising the GST Report on which it is based.