In Farm Focus you can select whether your business is payment or invoice basis for GST. Go to Settings > Financials.
Payments basis
You claim or return GST based on the date payment is made/received in your bank account. In Australia, this is called Cash basis.
This is the more commonly used of the two options.
Invoice basis
You claim or return GST based on the invoice date on invoices and credit notes. In Australia, this is called Accrual basis.
You can change the basis of your GST but before doing so we strongly advise you to consult your accountant. Changing the GST basis can be complex, if you do decide to change your GST basis, ensure everything is filed in the correct GST period. This can be especially problematic with partially paid invoices.
Hybrid basis
Hybrid basis is another GST basis that uses a combination of payments and invoice basis. It's not as popular as it can get complex.
However, if you are moving to a hybrid GST basis, talk to our Customer Success Team who can help you set this up.
More information