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MYOB – Quickbooks – BAS – Transactions to include at certain codes

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Client emailed me after my visit setting up a motor vehicle asset:

“Just need to make sure the following is correct:

1.   When I do the GST report for the BAS it shows the full price, $23,922, for the van as the capital purchase. Is that right or should it just be the $4,000 deposit paid?

2.   It then shows this amount in the N-T Not Reportable section as a minus amount: -$23,922.

3.   The ‘total’ amount in the ‘Not Reportable’ section is showing: -$17,033.41.

Just checking as I don’t understand the minus amount in the N-T.”

MYOB Quickbooks BookkeepingAnswer:

1.   Yes the full $23,922 is reported as CAP capital purchase G11.

2.   The -$23,922 will be the other transactions in the journal we did to raise the asset and the finance in liability, I expect (N-T code is auto-added to the line when we add each line), and N-T is NOT reportable. If you click on the negative amounts in the GST Detail report, you can go to the transaction and see which line it comes from and determine whether to include or leave out. You would have to look at the GST Detail report to see what else is on the N-T part, eg. if bank charges or interest are there with N-T code, then they are usually included in the purchases.

3.   The -$17,033 looks to be the total N-T including the -$23,922, so as in 2 above, if there are bank charges and interest etc that are business expenses, then subtract the -$23,922 from the -$17,033 and add it to the purchases for the G10 amount.

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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.

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