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MYOB – Aust. BAS Checks Reports Entries

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(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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Author: accountkeepingplus

Administration, bookkeeping and compliance for small business, Training, trouble-shooting, or we can do the books and payroll for you! Self Managed Superannuation Fund Service Provider, free support MYOB Certified Consultant, Reckon/QuickBooks Professional Partner.

2 thoughts on “MYOB – Aust. BAS Checks Reports Entries

  1. Pingback: MYOB – How to enter a BAS refund from the ATO « Accountkeepingplus – Admin Bookkeeping and Compliance News & Tips

  2. Pingback: Tax Amounts on Balance Sheet compared to Tax GST Reports – Cash and Accrual « AccountkKeepingPlus – Admin Bookkeeping and Compliance News & Tips

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