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MYOB – Aust. BAS Checks Reports Entries

(For earlier MYOB versions, the reports may be in a different order)

After all transactions are entered (all bank accounts, loans, petty cash, credit card statements, sales invoices and purchases and payments reconciled) the following is a good best-practice process to follow for preparation before the BAS form is completed:

1. Check tax codes exceptions: Reports >Index to Reports >GST/Sales >Tax Code Reports >Tax Code Exceptions (Invoice Transactions AND also do Cash Transactions) >Customise, select required date range. Check that the tax code is not required where the report lists exceptions, or if there is a different code, that it is correct for that transaction. Click on transaction to change, correct any mistakes. Print to keep a record.

2. Check transaction coding detail: Reports >Index to Reports >GST/Sales >GST Reports >GST (Detail-Cash or Accrual, as required) >Customise, select required date range. Check that the tax code is correct for the type of sale or expense (eg for no GST: FRE if sale, or purchase etc). Correct any mistakes. Print to keep a record

3. Report Summary for the BAS: Reports > Index to Reports >GST/Sales >GST Reports >GST (Summary -Cash or Accrual, as required) >Customise, select required date range. (If not sure, contact us for free assistance). Print.

4. Payroll W1 and W2 PAYG tax report– create a payroll report that shows these for the period: Reports >Index to Reports >Payroll >Employees >Activity Summary >Customise, select required date range. Print.

5. Collect all reports together, with the summary GST and Payroll at the front.

6. Complete the BAS, copy the form both sides and clip together with the reports as a record for your accountant Year end

7. Record transaction:

(a) Payment to ATO: Banking >Spend Money >Pay from Account (where paying from) >Cheque # >Date >Amount owed >Card ATO >Memo: ATO BAS Y10 Q2 > Acct# in lower section to allocate: GST Collected and type in the 1A, next line GST Paid and type in1B as NEGATIVE, then PAYG Liability (or Payroll Liability). Use NO TAX CODES. The Total Allocated below should match the Amount in the top yellow, top RHS >Record

BAS to Pay Spend Money MYOB

BAS to Pay Spend Money MYOB (click enlarge)

(b) If a Refund is due from ATO: Banking >Receive Money > Pay from Account (where paying from) >ID# leave auto # >Date >Payor ATO >Amount Received >Memo: ATO BAS Y10 Q2 Refund> Acct# in lower section to allocate: GST Collected and type in the 1A NEGATIVE, next line GST Paid and type in1B as POSITIVE, then PAYG Liability (or Payroll Liability) as NEGATIVE. Use NO TAX CODES. The Total Allocated below should match the Amount in the top yellow, top RHS >Record

BAS Refund Receive Money MYOB

BAS Refund Receive Money MYOB (click enlarge)


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Quickbooks – Aust. BAS Checks & Reports & Entries

(For earlier Quickbooks versions, the reports may be in a different order)

After all transactions are entered (all bank accounts, loans, petty cash, credit card statements, sales invoices and purchases and payments reconciled) the following is a good best-practice process to follow for preparation before the BAS form is completed:

1. Check tax codes exceptions: Reports >Tax >Tax Code Exception Report – Detail, select the dates for the period required (eg Last Quarter). You can save a copy in Memorised Transactions: Ctrl+M. Check that the tax code is not required where the report lists exceptions. Correct any mistakes. Print to keep a record.

2. Check transaction coding detail: Reports >Tax >Tax Detail, select the dates for the period required (eg Last Quarter). You can save a copy in Memorised Transactions: Ctrl+M. Check that the tax code is correct for the type of sale or expense (eg for no GST: EXP if sale, or FRE if purchase etc). Correct any mistakes. Print to keep a record

3. Report Summary for the BAS: Reports >Tax >Tax Summary, select the dates for the period required (eg Last Quarter). You can save a copy in Memorised Transactions: Ctrl+M. >Modify report >Advanced > Display Columns: Active, and Tax Basis: Net or Gross as you prefer. (If not sure, contact us for free assistance). Report should have just columns and rows that have amounts. Print.

reckon melbourne bookkeeping consulting tax summary BAS

 

4. Payroll W1 and W2 Payg tax – create a payroll report that shows these for the period

5. Collect all reports together, with the summary at the front.

6. Complete the BAS, then make a copy of the BAS form both sides and clip together with the reports as a record for your accountant Year end.

 


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Problem Emailing from QuickBooks QBi with Windows 7 and Windows Live Mail

If you receive one of the following errors when attempting to email:

  • QuickBooks was unable to find your default mail provider in the Windows Registry. Your form will not be emailed
  • An internal error occurred while preparing your message. It has not been sent. (MAPI error code 00000000 (0) at line 464 in sendemail.cpp)

follow these steps:

  1. From the Edit menu, select Preferences…
  2. From the Online icon, click the Company Preferences tab
  3. Tick Display each email when sending more than one and click OK
  4. Close QuickBooks
  5. From the Windows Start menu, select Control Panel > Programs > Default Programs > Set your default programs
  6. Select Windows Live Mail in the Programs table
  7. Click on Set this program as default
  8. Click OK
  9. From the Start menu type regedit in the Start search field
  10. Click regedit.exe in the Programs list
  11. Locate HKEY_CURRENT_USER > Software > Clients > Mail (The data field will now be called Windows Live Mail)
  12. Now locate HKEY_LOCAL_MACHINE > Software > Clients > Mail. The data file does not automatically update, so you will be required to manually modify it
  13. Double click on the (Default) string to edit it and replace the text with Windows Live Mail
  14. Click OK and Close the Registry window
  15. Open QuickBooks and send an email

Note: This has been tested on Windows 7 using Windows Live Mail on a 32-bit platform.


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Email pay slips and payment summaries in QuickBooks

In the Employees record, the Preferred Send Form Method must be set to the desired option – Print, Email or Both.

To edit this setting:

1. From the Employees menu, select Employee Centre
2. Click the Employees tab, if necessary
3. Select the employee and click Edit Employee…
4. Click the Address and Contact tab
5. Select the Preferred Send Form Method from the drop down list

Note: Only the selected send method from the drop down list will be available for the selected employee.

 If Email is selected, pay slips and payment summaries will not be able to be printed for that employee and vice versa.


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Avoid These GST Mistakes Part 2 – 6 more

Continuing our tips on common mistakes in Aust Business GST reporting. Incorrectly classifying your expenditure or revenue for GST, may be exposing you to future penalties and interest charges from the ATO. Other areas are:

  1. Entertainment expenses where the business is under FBT reporting and has elected to use the 50/50 split method for fringe benefits tax purposes. Only 50% of the GST credits can be claimed in this situation
  2. Government fees where no GST has been charged, are be coded FRE. Examples include land tax, council rates, water rates, ASIC filing fees and motor vehicle registration
  3. Government grants and incentives which are received can be inclusive of GST
  4. Interest income should have ITS (Input Taxed Sale) as the code
  5. Motor vehicle purchases claiming the entire GST credits on a car purchased for more than the luxury car limit (eg $57,180 GST inclusive for the 2008/09 year). The maximum GST credit that can be claimed is limited to $5,198
  6. No valid tax invoice at the time of lodging the BAS. Businesses in this situation should contact the ATO for permission to claim the GST credit
For more, click on           “Avoid These GST Mistakes”      at     http://www.accountkeepingplus.com.au/free-how-to


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Quickbooks – Improve Speed and Performance

In addition to using the QuickBooks Verify and Rebuild utilities to improve data file speed and performance, improvements can also be made by ensuring that the QuickBooks “.TLG file” does not become too large, and by minimising the number of DB File Fragments.

Full Report:      click   Quickbooks – Improve Speed and Performance            http://www.accountkeepingplus.com.au/free-how-to