To allow JACK to provide an accurate company-wide cashflow, you should customise your cashflow settings related to the following items:
1. BAS cashflow settings
BAS relates to your business activity statements or your net GST position, which you file with the ATO. JACK automatically calculates your net GST owing (liability) or GST receivable (asset) based on the GST collected on all projected client invoices and the GST paid on all your projected supplier/subcontractor bills.
By default, JACK will account for a quarterly BAS reporting cycle. This means JACK will calculate a net GST position for Month 1, Month 2, and Month 3 and then project the cash inflow/outflow into the following month (Month 4). For example, Q1: The net GST position relating to transactions from 1st July to 30th September will show as a cash inflow/cash outflow in October.
Note that if you select a monthly reporting cycle, JACK will calculate the net GST from Month 1 and then project the cash inflow/outflow into the next month (Month 2). For example, Month 1: The net GST position relating to transactions from 1st July to 31st July will show as a cash inflow/cash outflow in August.
To change the reporting cycle to match your business, complete the following steps:
Navigate to Finance > Cashflow > scroll down and click on Expenses to view your cash outflows (expenses).
Scroll down again to Superannuation, BAS, and PAYG Instalments, and click on ⚙ Overview button on the bottom left.
In the side menu, click on Schedule Change, use the drop-down box to select BAS, and then choose the month you want the change to be active from.
Finally, use the bottom drop-down box to choose a Reporting Cycle of monthly or quarterly and Save your changes.
2. PAYG Withholding cashflow settings
PAYG Withholding relates to the PAYG withholding tax payable to the ATO based on your employee's wages. You will need to calculate the withholding tax for each employee when adding your employee's wages via Contacts > Staff > Wages > Monthly Breakdown. By default, JACK will account for PAYG Withholding on a quarterly basis, however, you can change this to a monthly reporting cycle by completing the following steps:
Navigate to Finance > Cashflow > scroll down and click on Expenses to view your cash outflows (expenses).
Scroll down again to Superannuation, BAS, and PAYG Instalments, and click on ⚙ Overview button on the bottom left.
In the side menu, click on Schedule Change and use the drop-down box to select PAYG Withholding, then choose the month you want the change to be active.
Finally, use the bottom drop-down box to choose a Reporting Cycle of monthly or quarterly, and Save your changes.
3. PAYG Income Tax Instalments cashflow settings
PAYG Income Tax Instalments relate to regular prepayments of the expected tax on your business income. The ATO will typically calculate these amounts, which will be included in your BAS filing. By default, JACK will not account for any PAYG Instalments. But you can include them in your cashflow forecast by completing the following steps:
Navigate to Finance > Cashflow > scroll down and click on Expenses to view your cash outflows (expenses).
Scroll down again to Superannuation, BAS, and PAYG Instalments, and click on ⚙ Overview button on the bottom left.
In the side menu, click on Schedule Change, use the drop-down box to select PAYG Income Tax, and then choose the month you want the change to be active.
Finally, use the bottom drop-down box to choose a Reporting Cycle of monthly or quarterly, type an amount payable in the PAYG Income Tax Instalment box at the bottom of the screen, and Save your changes.
4. Superannuation cashflow settings
Superannuation relates to the statutory amount you are required to pay into your employee's superannuation account, this amount is a set percentage of their gross wages. You will need to calculate the superannuation amount for each employee when adding your employee's wages via Contacts > Staff > Wages > Monthly Breakdown. By default, JACK will account for Superannuation payable on a quarterly basis, however, you can change this to monthly by completing the following steps:
Navigate to Finance > Cashflow > scroll down and click on Expenses to view your cash outflows (expenses).
Scroll down again to Superannuation, BAS, and PAYG Instalments, and click on ⚙ Overview button on the bottom left.
In the side menu, click on Schedule Change, use the drop-down box to select Superannuation, and then choose the month you want the change to be active.
Finally, use the bottom drop-down box to choose a Reporting Cycle of monthly or quarterly, and Save your changes.
