The programs in our CASHMAN series are the only ones that require updating for the GST. You should continue to refer to this WEB SITE for the latest information on future Program updates for the GST compliant version of the CASHMAN series.

For details about the GST ramifications on other products (eg LEASEMAN, PAYMAN, SHAREMAN and ASSETMAN) see the end of this document.

All CASHMAN & CASHPAC/ WINDOWS users who have subscribed to our Software Maintenance Service for the year ending 30th June 2000, or who have purchased the program in the last year, have now been sent the GST update for no charge. 

CASHMAN GST Updates will NOT be available for the old MS/DOS Version of CASHMAN - all CASHMAN/DOS users have been advised that they will need to changeover to the WINDOWS Version to receive the GST Update.

CASHMAN

The program automatically produces the tax office designed BAS (Business Activity Statement), which is at the centre of Australian GST calculation and reporting. We have a GST FAMILIARISATION KIT. This kit, which incorporates a full working copy of the Program, enables you to see CASHMAN in operation for GST accounting. To download this Familiarisation Kit from this Web Site, go to DEMO KITS and select CASHMAN GST.

Our Website includes a SLIDESHOW presentation on the GST version of CASHMAN. This presentation uses a number of screen shots to show how CASHMAN has been changed to cater for Australian GST Accounting. A number of sample reports are also shown, including the GST BAS report. To view this presentation select CASHMAN GST SLIDE SHOW on our home page.

When new users purchase CASHMAN they are provided with the version that incorporates GST Accounting 

CASHMAN/DEBTORS & CREDITORS (CASHPAC)

The GST compliant versions have now been dispatched. These programs incorporate the AUSTRALIAN BUSINESS NUMBER and produce a TAX INVOICE containing the specified information. 

GST CASH BASIS

Most small businesses with turnover under a million dollars will normally use the CASH BASIS when accounting for GST. These firms will find that CASHMAN will solve their GST problems because it:

· Produces a reconciled Cashbook that accurately records the amount of GST paid and collected

· Produces the Business Activity Statement for the Tax Office

· Complies with "double entry" bookkeeping standards and Produces information in a format that can be used to prepare Financial Accounts and Tax Returns

CASHMAN is ideal for the GST CASH BASIS because it doesn't incorporate the complexities of integrated Debtors, Stock, etc. 
 

CASHMAN - UPDATE FOR GST CHANGES
FEBRUARY 2001

We are currently working on an update to CASHMAN to incorporate the ACCOUNTS METHOD and the likely changes for the SIMPLIFIED SMALL BUSINESS METHOD. We will keep you posted on the status of this update.

In the meantime, CASHMAN users should continue processing transactions in the normal manner. Then, when they receive the above mentioned update, all they will need to do to change over to a different method will be to click on the appropriate option for the ACCOUNTS or SIMPLIFIED method. CASHMAN will do the rest.

If you have small business clients struggling with GST, CASHMAN is the only program that provides them with a SIMPLE GST SOLUTION for CASH ACCOUNTING. This is because CASHMAN is the only popular software program, where determining the balance of GST Payable/Receivable for the CASH BASIS, is as simple as looking at the balances in the GST Control Accounts stored within CASHMAN.

FAQ (frequently asked questions)

Q - How should I process GST paid/received during 1999 and early 2000, using the existing version of CASHMAN? A - You should open a new account in the CHART OF ACCOUNTS called GST IN ADVANCE and process all GST paid/received to this account.

Q - How are small business Users with no accounting expertise going to be able to determine the BAS CODE? A - To assist them, we have a set of BAS coding guidelines in On Line Help. Users can access these guidelines by depressing the [F1] Function Key at the BAS CODE question, or when the BAS CODE POP DOWN MENU is displayed.

Accountancy Practices should consider whether they customise their Clients' CHARTS OF ACCOUNTS for GST purposes. You will see from the data entry in the Familiarisation Exercise that the User doesn't have to think about the BAS CODE all that much if the time has been taken to customise the Chart.

An example of Chart customisation would be to add an item for SALES/EXPORTS with a default BAS CODE of 2. 

GST STATEMENT - TIMESOLVE SERIES

[1] GENERAL

The following statement about each product is based on what we believe is the standard utilisation of each program. If you have special requirements because of the way you use the program, and you feel the following statement does not cover your situation, please send a written Specification of your requirements to our office.

[2] LEASEMAN

LEASEMAN is designed to do the work required to comply with the Accounting Standard for the capitalisation of leases and the calculation of lease commitments.

Where a lease installment is increased for GST, you would normally, as a business, get an INPUT TAX CREDIT for the amount of GST paid. The accounting treatment in the General Ledger is as follows :

Expense Dr Cr Leasing 100.00 GST Control (Input Tax Credit) 10.00 Bank - Lease Installment Paid 110.00

As the amount of GST/INPUT TAX CREDIT is refundable by the Tax Office, the calculations for the "Capitalisation of Leases' and the 'Commitment Note' are based on 'Leasing Expense' above.

EXISTING LEASES ALREADY ENTERED IN LEASEMAN

The LEASING EXPENSE figure has already been entered into LEASEMAN. If the lease installments are subsequently increased to cover GST the amount of the GST increase does not affect the existing calculations because you will get an INPUT TAX CREDIT for it. In your General Ledger when you process the payment of lease installment, the amount of GST should go to the GST CONTROL account.

NEW LEASES WHERE GST INCLUDED IN INSTALLMENTS

The amount entered into LEASEMAN for AMORTISATION/PAYMENT is the 'Leasing Installment Payable' less the GST component on which an 'Input Tax Credit' is allowed.

Based on the above explanation, no changes are required to the Leaseman program for GST purposes.

[3] PAYMAN

PAYMAN is a full payroll program that keeps the payroll records and prepares the weekly/fortnightly/monthly payroll.

As there is no GST on employee salaries and wages, no changes to the PAYMAN program are required for GST purposes.

Some firms have used the PAYMAN program to keep a record of PPS payments. As the PPS system is being discontinued from July 1, 2000 GST will not effect this matter.

[4] ASSETMAN

ASSETMAN is designed to keep an asset register and do the necessary depreciation calculation and schedules. It is a stand-alone program that operates independently of a General Ledger program.

ASSETMAN is not effected by the GST, because you enter the actual cost of the asset. This actual cost does not include GST where you would get an INPUT TAX CREDIT for the amount of GST paid. Where you do not get this credit, the amount of GST paid is included in the acquisition cost of the asset. The same approach applies to disposals of assets.

GST does not effect depreciation and the related asset disposal calculations.

[5] SHAREMAN

SHAREMAN is used to keep a share/investment ledger. There is no GST on buying or selling Shares, or on dividends. There is GST on Brokerage Fees. There are no major changes required to the Shareman program for GST purposes. However the ability to record the brokerage on purchase and sale proceeds has been implimented in version 1.45 of SHAREMAN. This makes it easier to gather this information for transfer to CASHMAN or you accounting software. Version 1.47 of SHAREMAN has the added feature of enabling a GST adjust flag, so that the GST on brokerage is automatically taken from the cost and proceeds amounts at the time of data entry. The stored amounts are then net of GST.