Your financial year and GST periods, set once
Officaid uses your financial year end and GST accounting period to build the reports for this financial year, to work out the retained earnings cut-off, and to line up the GST return helper with your filing periods. You set both in one place.
Setting Your Financial Year and GST Period
- 1 Go to Admin → Company from the left sidebar.
- 2 Under Quick Actions, click Financial Year. The Financial year and GST period panel opens.
- 3 Pick your Financial year end month. Your financial year ends on the last day of that month.
- 4 If your company is GST-registered, pick your GST accounting period: Quarterly, Monthly or Six-monthly.
- 5 Pick the month A GST period ends in. One of your GST periods ends on your financial year end.
- 6 Click Save.
The Overview then shows your Financial year end and GST accounting period, for example "Quarterly (Mar, Jun, Sep, Dec)".
Quarterly is the standard GST accounting period. Choose Monthly or Six-monthly only if IRAS has approved it for your company.
What It Changes
- Reports use it for "this financial year" and "last financial year".
- Retained earnings are cut off at your financial year end.
- The GST return helper follows your GST accounting periods.
Payroll and leave years stay calendar years. Changing your financial year end does not move payroll or leave entitlements.
Frequently Asked Questions
Officaid uses month ends: your financial year ends on the last day of the month you pick.
No. Set your financial year end and save. The GST accounting period matters once you register for GST in Tax Registry.
What's Next?
- Understanding My Company for the rest of your company settings
- Setting Up Tax Registration to register for GST in Officaid
- Understanding Financial Reports to see the reports your financial year drives