You cannot finalise your current GST return if you have historical GST returns that are not finalised.
We are aware that some of our clients are not finalising their GST returns, which may cause flow-on effects with the IRD and for completing your end-of-financial-year accounts. It is important to save your GST as final in Farm Focus even if you do not file directly with IRD from Farm Focus. To file a GST return:
All transactions, for the GST reporting period, need to be matched or coded, and
The balance on Farm Focus must be balanced with the bank balance.
Remember if you file your GST manually with IRD you still need to finalise your GST return within Farm Focus. This locks the transactions for that period. You finalise the report by clicking on Save Final within the GST report.
How do I finalise historical GST returns?
Finalising historical GST returns should be done in conjunction with your Accountant.
Why: It is possible that there will be inconsistencies with the information on Farm Focus and what has been filed with IRD. Ideally, any inconsistencies between the information on Farm Focus and the GST return submitted to IRD should be rectified before finalising your GST on Farm Focus.
Your Accountant may advise you to finalise your GST returns even if they do not align with what was submitted to the IRD, however, the Accountant must be aware of these inconsistencies. This is why our support team are unable to finalise the historical GST reports on your behalf.
You can finalise the current GST return, once all your historical GST returns have been finalised.
Moving forward, the GST return on Farm Focus must align with the GST return submitted to the IRD, even if you file GST manually with the IRD or your Accountant files on your behalf.
There are many benefits to finalising your GST return within Farm Focus:
It provides a record of what you have filed with IRD.
It provides a record of what you have claimed and not claimed for GST returns. This makes the end-of-financial-year process simpler and more cost-effective.
Finalising GST locks down transactions, for that GST period, in Farm Focus.
You have paid for the functionality as part of your Farm Focus subscription.