We've improved Spotlight Forecasting through the introduction of Forecasting Schedules. As there are different GST, VAT, and payroll tax options available to companies, there are also various payment due dates. The forecasting schedules determine the timing of the actual cash payment of these tax types for an organisation. Each schedule identifies the activity month and the payment month.
Forecasting schedules provide improved accuracy when forecasting the payment of different tax types. This new feature means that the Forecasting reports you create will clearly display key tax payments and will assist with overall tax planning and cash management.
Managed at the practice level, users with the required access rights have the flexibility to create custom tax payment schedules for the practice. These schedules are then available to select within an individual organisation.
The frequency of the tax payments is also visible within the PAYE/PAYG/Kiwisaver/Superannuation/National Insurance rules attached to the relevant accounts in the balance sheet tab.
We hope you enjoy this product update from the Spotlight team. For any further information, please visit our Help Centre.