MFM GST Return Procedures

Prepare paper folders

  • 1 x monthy foolscape pocket folder
  • Pre Nov 18 return:
    • 5 x Manilla folders:
      • Receivables
      • KB Payables
      • Trademe
      • Paypal
      • Personal CC Txns
  • Per Nov 18 return:
    • 2 x Manilla folders:
      • Kiwibank payables in one folder
      • Trademe / paypal / Personal CC Trans in second folder
      • Sales invoices at bottom of foolscape folder
      • Then above 2 x manilla folders
      • Then Bank statements, GST declarations, Cashbook hardcopy

Prepare new period in cashbook:

  • Copy cashbook to backup and name per last edit date
  • Open cashbook
  • Copy / Paste previous periods rows to a new space below leaving 2 clear rows between and previous and new
  • In new period remove all keyed txns, copy down calculated columns from top row to bottom to repair formulas
  • Enter previous period closing as new period opening for KB, TM, PP balance columns

MFM KB Bank txns

  • Get/Print bank statement for target period
  • Check Worksheet KB Opening Bal = Statement Opening Bal
  • Get KB Bank acct Txns into Cash book
    • Log into IB
    • Export all txns from first to last day of return period (Basic export = a csv file)
    • Open export in Excel (is the default for .csv) and check first / last txns are per bank statements
    • Take first 6 column column headings (‘Date’ to ‘Total Amount’) from cashbook and paste as first row into export
    • Calculate txn amounts as the inverse and paste as values into the ‘Total Amount’ column
      • This is only until we fix the credits / vs debits reversed issue in the cashbook
    • Set ‘Acct’ column to ‘KB’ for all rows
    • Columns ‘Cheque/refer’ & ‘Code’ should be empty
    • Copy -> Paste as values the exported txn range (not headings) from the csv into the top of the the cashbook period
  • Code txns
    • For each payable check and file invoice in┬áKB Payables manilla folder
    • File receivables in ‘Receivables’ manilla folder
    • No GST on:
      • GST payment
      • Imports
      • Youshop payment
      • Interaccount transfers
      • Drawings
      • Bank fees
  • Check Calculated KB Closing Bal = Statement Closing Bal

PayPal Txns

  • Get PPal txns into Cashbook
    • Export txns
      • Login
      • Go to Activity then to Activity (Including balance & fees)
      • Do custom date range, a few days either side of the target GST period
        • Ensure returned txns shows at least 1 txn outside the GST period both before & after
      • Scroll down to ensure all txns loaded (lazy loading screen)
      • Print the txns (as this is effectively our statement)
        • Mark the opening & closing balance txns as such
        • Check Worksheet PP Opening Bal = PPal printed Opening Bal
      • Select & copy all txns, then paste into a new workbook
        • Note: We don’t use PAYPAL export function as by copy/paste directly off the webpage we get the date formatted for us (d/m/y)
      • Cleanup:
        • Delete txns outside our period
        • Delete Fee Reversal txns else we will get double ups
        • Delete page break / lazy loading non txn rows
      • Take first 6 column column headings (‘Date’ to ‘Total Amount’) from cashbook and paste in PPal worksheet out to the right
      • We need to get 2 lots of txns for pasting into our cashbook::
        1. All txns
          • Populate the columns:
            • Date = Date
            • Name = Name
            • Cheque/ref = empty
            • Code = 210 for sales leave empty for anything else (transfers, purchases)
            • ACCT = PP
            • Total Amount = (-1) * Gross
              • 20190507 GROSS is now suffixed with NZD so used formula to get $:
              • =LEFT(H2,(LEN(H2)-4))
          • Copy / Paste as values into Cashbook (This is all TXNS)
          • Code remaining transactions
            • No GST on Inter-account transfers
            • Check no GST on import payments
              • if in foreign currency actual NZ$ amounts may need to be entered manually here
        2. Fees
          • Back in Paypal worksheet copy the rows we prepped above below themselves (so we can go back in the previous step if we don’t balance)
          • In our new copy, remove any rows where there are no PPal fees (Fees = $0.00)
            • Date = Date
            • Name = Name
            • Cheque/ref = empty
            • Code = 307
            • ACCT = PP
            • Total Amount:
              • Where a refund = Fee
              • Where a sale = (-1) * Fee
              • Formula example: =
              • =IF(ISNUMBER(SEARCH("Refund", B2)),D2,(-1)*D2)
          • Copy / Paste as values into Cashbook (This is FEES)
          • Check Calculated PP Closing Bal = PPal Printed Closing Bal
          • Finish coding fees:
            • No GST as IRD won’t tell us if PPal is GST registered

Trademe Txns

  • Login to each TM account and in My Account:
    • Print GST receipt for each month in the target GST period
    • Print txn listing, sufficient pages to cover the target GST period
      • label opening and closing balances
      • Total opening & closing balance across all TM accounts
      • Check opening is correct per previous period
    • Manually enter txns into Cashbook
      • 1 per each Paypal topup txn (890 = Interacct transfer, no GST)
      • 1 per monthly GST receipt printed above
      • Check closing balance reconciles

Cash / Personal Txns

  • Any cash sales or purchases key manually, Acct = LSR
  • Visa purchases
    • Login into bank & search for target period txns, print hardcopy
    • Mark on hardcopy MfM txns
    • In Aliexpress search for all orders in GST Period and print a record of purchases (just for filing)
    • Open Stock workbook:
      • Reconcile payments against Stock workbook
      • Enter payments manually from Visa txn print in Cashbook
        • Acct = LSR
        • Usually no GST
    • Enter a final Txn ‘Owner Contributions’ Code = 501 (no GST) to bring LSR column down to 0.00

Final checks:

  • Check closing balances are correct per each of:
    • KB
    • TM
    • PPal
    • LSR (must be $0.00)
  • Check txns with no GST by code:
    • 890 = Interact tfr
    • GST remittances
    • Bank fees
    • Imports / payments made to foreign entities

Fixed Asset sales/purchases:

  • Enter into Assets worksheet