Save GST processing time and eliminate errors
MYOB and Xero have added the functionality of e-filing GST returns directly from within their software application.
One of the many benefits of using cloud accounting software is the efficiency to be gained by automatic transfer of data. This is commonly in the form of bank data automatically feeding into your software and being available for reconciling the next day. This reduces manual data processing time and the ‘human’ errors that come with it.
For those of us that have used accounting software for sometime, manually processing sales and purchases or importing bank statements, this was revolutionary! Alternatively, data can be transferred to or from Addon Software giving users a more holistic type of business information system.
More recently, both MYOB and Xero have added the functionality of e-filing GST returns directly from within the software application. Now, once you have reconciled your bank accounts and checked your coding, you can then file your GST return directly with IRD from within your accounting software.
What does this mean for you? Direct filing will save processing time and eliminate errors, plus it will help you file on time and avoid late filing penalties.
What do you need to do?
Firstly, apply to IRD for a ‘myIR’ account login and authority to file GST on behalf of your organisation.
You must have either an ‘Advisor’ or ‘Standard + All Reports’ User Role.
Complete your GST return as per normal, then click ‘File Now’.
Xero will take you to the IRD login portal, enter your ‘myIR’ login and password. Once this is accepted, Xero will upload your GST return data.
In MYOB Essentials, for the first time you will need to enter your login details to ‘myIR’ and allow access.
The GST lodgement page will appear and you can select your GST return to file.