We have tested that the new rate works and have added a couple of extra reports and tools to make the switch easier. MUSAC Agents have been offering seminars and newsletters talking through the processes associated with the changeover.
Before 1 October, it will be a smoother transition if:
- You talk with your accounting services provider about what information is required for your GST return in relation to the changeover.
- Student Manager software is updated at school. Released by MUSAC for 10 September.
- Financial Manager software is updated at school. Released by MUSAC for 10 September and an update CD mailed out.
- Change the GST rates in the software after 1 October once you have completed September processing
Your accounting services provider can work through the principles behind what is required for your GST returns around the transitional return relating to October. Whether you are invoice based or cash based for GST determines specific steps you need to work through. The software will print your GST report for you but there is more to it than the printing of a report. It is important you have everything covered off in advance of the big day. As you are likely to be using your student management system for a lot of caregiver invoicing, some extra care is needed with recognising this in your accounting package.
Edtech, Solutions & Services and New Era IT each have a Financial Manager helpdesk which you can call for more informed advice in relation to use of the software and have fee based consultancy services to work through specifics.
The software changes have been with our Agents for testing for a week or so now. Looking good so far.
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