When the smart matching screen matches a transaction with a custom rule. It ignores the GST rate that was set in the rule and instead applies the default GST rate of the account from the chart.
It goes without saying this is not good, particularly when the rule does not have the ‘Review before apply’ ticked.
Just for fun I tested it with the ‘Review before apply’ unticked…And guess what, it applied the Rule GST rate.
So its only when ‘Review before apply’ is ticked that it will get it wrong.
I’ve also just been notified by support that apparently it will also get it correct if you split the allocation into a minimum of 2 accounts. Good grief.
I think those errors you have been encountering have been going on for longer than that.
GST is probably the most under-developed part of Simple Fund - most likely because there probably aren’t that many GST registered super funds - or most accounting firms process the GST outside of Simple Fund.
I really despise processing GST registered funds in Simple Fund 360…
I do not doubt it.
Under-developed is an understatement. Its not fit for purpose given the multitude of other issues with GST in SF360.
They didn’t even know that it worked correctly when you untick the review required box.
The GST keeps me on my toes. I have to remember to select the 75% on brokerage on share trades but for some general expenses, it’s the reverse with the 75% being the default and I need to remember to deselect it.
Yup… I just edit the chart to correct it.
The defaults are a wonder to behold. I would have loved to have been a fly on the wall in the BGL design meeting to decide on them.
I imagine it would have gone something like this…
Here we we are guys and girls we’ve compiled a list of is the most common GST treatments for the these common expense accounts when a fund is registered for GST. We’re agreed then, yep prep the default chart with the the opposite of the most common.
Edit the chart . . . now why didn’t I think of that. Too easy!
Looks like we have made a small impact, BGL has finally implemented a minor change to the Activity Statement report…
They still have the client copy BAS version print with a warning
‘Warning: This form has been designed to assist you to prepare the ATO’s Business Activity Statement. This form cannot be lodged with the ATO.’
and an electronic declaration set of of pages unlike any other produced by lodging software I have ever seen. It all looks totally unprofessional when produced from BGL SF360. And is why we refuse to present clients with SF360 BAS docs and simply use the SF360 reports to populate the BAS in other lodgement programs.
Fine for Trustees, woeful for tax professionals.
Actually Freman - the proper GST form is under BAS/IAS through the Compliance Screen.
You can actually lodge a BAS through SF360 & produce a proper annual GST return as well.
I’ve always looked at the BAS via compliance. Thinking that something must have changed I went in again to check nope still no good for me;
"Warning: This form has been designed to assist you to prepare the ATO’s Business Activity Statement. This form cannot be lodged with the ATO. "
Perhaps there is a flag hidden somewhere else to get rid of this.