Setting Up Company Cashflow (AU)

JACK automatically forecasts your BAS based on projected GST collected from client invoices and GST paid on supplier and subcontractor bills. This creates a net GST position that is reflected in your company-wide cashflow.

By default, JACK uses a quarterly BAS cycle, where GST is calculated over three months and shown as a cash inflow or outflow in the following month. If your business lodges monthly BAS, JACK will calculate GST each month and project the cash impact into the next month.

​For example, GST from 1 July to 31 July appears as a cash inflow or outflow in August.

The default reporting cycle will be selected automatically. Click Schedule Change, use the drop-down to select BAS, and choose the month you want the change to apply from. Under Reporting cycle, use the drop-down to select either a monthly or quarterly  and click Save to apply your changes.

PAYG Withholding refers to the tax withheld from your employees’ wages and payable to the ATO. When entering wages for your staff, JACK will calculate the PAYG withholding amount automatically based on each employee’s wage details. To enter this information, navigate to Contacts > Staff > Wages > Monthly Breakdown.

By default, JACK reports PAYG Withholding every quarter. If you need to report monthly, you can update this in your cashflow settings.

Click  followed by Schedule Change to update your cashflow settings. Use the drop-down to select  PAYG Withholding. From here, choose the month the change should take effect and set your preferred reporting cycle to monthly or quarterly and  save your changes.

PAYG Income Tax instalments are regular prepayments toward the expected tax on your business income. These amounts are usually calculated by the ATO and reported as part of your BAS.

By default, JACK does not include PAYG Income Tax Instalments in your cashflow forecast. If you’d like them reflected in your cash outflows, you can add them manually in Cashflow settings.

Within Settings, use the drop-down menu to select PAYG Income Tax, then select the month you want the change to take effect. Next, choose a Reporting Cycle of either monthly or quarterly, enter the amount payable in the PAYG Income Tax Instalment field and save your changes.

💡PAYG Income Tax Instalments will be included in your cashflow forecast as a recurring expense based on the schedule you’ve set.

Superannuation refers to the mandatory amount you are required to contribute to your employee’s superannuation account. This amount is calculated as a fixed percentage of their gross wages. To enter this information, navigate to Contacts > Staff > Wages > Monthly Breakdown.

💡You will need to calculate and include the superannuation amount for each employee.

By default, JACK schedules superannuation payments on a quarterly basis. If you prefer to report and pay superannuation monthly, you can update this setting by following the steps below.

Within Settings, use the drop-down menu to select Superannuation, then select the month you want the change to take effect. Next, choose a Reporting Cycle of either monthly or quarterly and save your changes.