Description
GST reconciliation involves matching of sales and purchase data between different returns as well as sales and purchase registers.
How do you do GST reconciliation?
- In the Accounting menu, select Reports.
- Under Tax, click GST Reconciliation.
- Enter a From and To date. …
- Click Update.
- If you’re using the new activity statement, copy the GST on sales and purchases amounts from your finalised activity statements into the Filed column of the report for relevant GST periods.
To claim accurate Input Tax Credit for any invoice raised in any previous financial year. To keep a tab on the duplicity of data. To validate data by reconciling different GST returns. To issue CDNs or file amendments in case if there is any mismatch due to human error or duplicity of data.
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