GST Reconciliation report

The GST Reconciliation report compares GST Returns you've filed against GST on transactions and against your GST account balance. This shows any unfiled amounts you need to include on a future GST Return, or filed amounts you haven't settled with Inland Revenue. It also helps you understand the GST account balance in your Balance Sheet.

Run this report before you finalise a GST Return to check for unfiled and unpaid amounts, and at the end of the financial year to reconcile the GST account balance in your Balance Sheet.

Throughout this page we'll follow the same example of an organisation using the invoice basis for GST.

Access and run the GST Reconciliation report

Xero generates the report on the invoice or payments basis, according to the option you selected in your Financial Settings.

To run the report:

  1. On the Reports menu, click All Reports.
  2. Under the Tax heading, click GST Reconciliation.
  3. Xero runs the report from the start of your financial year as default. To change the dates, change the From or To date, then click Update.
  4. We recommend you run this report from a date early enough that your opening balances are 0. For guidance, see our worked examples using this report:

    Complete your GST Reconciliation report with a conversion balance

    Complete your GST Reconciliation report after you've registered for GST

  5. (Optional) Click Add Summary to add a note to the report.
  6. In the GST Collected section:

    • In the Adjustments column, enter the total of late claims (if they sum to a credit total) and any debit adjustments from Box 9 of your GST Return.
    • In the Filed column, enter the total GST collected for the period from Box 10 of your GST Return.
  7. In the GST Paid section:

    • In the Adjustments column, enter the total of late claims (if they sum to a debit total) and any credit adjustments from your GST Return.

      Image showing credit adjustments section of GST return.

    • In the Filed column, enter the total GST credit for the period from Box 14 of your GST Return.
  8. When you complete the report, Save as Draft to retain the figures you enter for each GST period.

    You can export the report to Excel, PDF or Google Sheets at the end of each GST period to save a snapshot at that point in time.

Review sections of the GST Reconciliation report

GST Collected and GST Paid

GST Account Transactions

GST Owing

GST Account Summary (invoice basis)

GST Account Summary (payments basis)

GST Collected and GST Paid

Xero lists the GST periods in the date range you select. After entering your GST Return figures, see if you have any unfiled amounts to include on your next GST return.

GST Collected

  • Opening Balance – The amount of GST collected but not included in a filed GST Return before the opening date of this report. We recommend you run the report from a date early enough that this figure is 0.
  • GST Collected – Total GST charged on sales and other income dated in the period, excluding late claims.
  • Adjustments – The total of late claims (if they sum to a credit total) and any debit adjustments from Box 9 of your GST Return.
  • Filed – The total GST collected for the period from Box 10 of your GST Return.
  • Unfiled – A running total of the opening unfiled GST collected less filed GST collected for the period.

GST Paid

  • Opening Balance – The amount of GST payable but not included in a filed GST Return before the opening date of this report. We recommend you run the report from a date early enough that this figure is 0.
  • GST Paid – Total GST payable on purchases and expenses dated in the period, excluding late claims.
  • GST on Imports – GST on transactions dated in the period where the tax rate is GST on Imports. This amount is included in the GST Paid amount on this reconciliation.
  • Adjustments – The total of late claims (if they sum to a debit total) and any credit adjustments from your GST Return.
  • Filed – The total GST credit for the period from Box 14 of your GST Return.
  • Unfiled – A running total of the opening unfiled GST payable less filed GST payable for the period.

Image showing GST collected and paid sections.

GST Account Transactions

Review transactions you've coded directly to your GST account for the report period. If you're using Xero's default chart of accounts, the GST account is 820 – GST.

Transactions you'll see in this section:

  • Your GST conversion balance
  • Purchases using the tax rate GST on Imports
  • GST payments to and refunds from Inland Revenue
  • Manual journal lines coded to the GST account (account 820 - GST if you're using Xero's default chart of accounts)

Image showing GST account transactions.

GST Owing

Review the GST amounts you've filed on your GST Returns compared to GST paid to or refunded from Inland Revenue. The closing balance shows GST payable to or refundable from Inland Revenue for the period.

  • GST Collected and Filed – Total of the Filed column in the GST Collected section of this report.
  • GST Paid and Filed – Total of the Filed column in the GST Paid section of this report.
  • Payments Made – Payments to less refunds from Inland Revenue, as shown in the GST Account Transactions section of this report.

Image showing GST Owing section.

GST Account Summary (invoice basis)

If your organisation uses the invoice basis for GST, the GST account summary breaks down GST outstanding on the invoice basis at the end of the reconciliation period.

  • GST Owing – The net value of GST filed amounts not yet paid to or refunded from Inland Revenue.
  • Unfiled GST – The net value of Unfiled GST totals in the GST Collected and GST Paid section of the reconciliation.

The GST Account Summary balance should match your GST Account Balance at this date.

Image showing GST account summary on invoice basis.

GST Account Summary (payments basis)

If your organisation uses the payments basis for GST, the GST account summary breaks down GST outstanding on the payments basis at the end of the reconciliation period.

The example in this section is different from the example used elsewhere on this page.
  • GST Owing – The net value of GST filed amounts not yet paid to or refunded from Inland Revenue.
  • GST in Accounts Receivable – The GST component of approved invoices awaiting payment at the date of this report.
  • GST in Accounts Payable – The GST component of approved bills awaiting payment at the date of this report.
  • GST in Expense Claims – The GST component of approved expense claims awaiting payment at the date of this report.
  • Unfiled GST – The net value of Unfiled GST totals in the GST Collected and GST Paid section of the reconciliation.

The GST Account Summary balance should match your GST Account Balance at this date.

Image showing GST Account Summary on payments basis.