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Advantages and Disadvantages of the GSTJournal

Advantages

  • The GSTJournal spreadsheet is cheap and within the grasp of everybody.
  • The GSTJournal provides simple analysis of each and every transaction, one transaction at a time.
  • The spreadsheet is highly visual, cause and affect are in close proximity and "you can see straight away what you are doing and if you are right"
  • Extensive GST error checking is provided.
  • The entry of data into the GSTJournal is staged. If you cannot fill in the GST part then you probably can still fill in the older style journal part and get help from your accountant with the GST part.

Disadvantages

The GSTJournal does not handle stock, neither does it calculate certain GST refunds well.