Reckon/Quickbooks – A way to track part-payments of BAS due and what is owed to ATO!
Many clients pay their BAS amounts in instalments instead of the full BAS so only part amounts go to the Tax Office.
I have got into a habit of having an ATO Liability account separate from the GST accounts (there are 2 GST accounts in MYOB {Collected and Paid} but only one by default {all tog} in Reckon/Quickbooks – although there are sometimes 2 if the accounts person has set them up!).
That is why I have refunds and deposits go to ATO Liability as a clearing account.
In a couple of Stewart’s entities I have a memorised transaction General Journal called “BAS form due” to enter the actual Statement detail and balance it back to ATO Liability, because when we are entering from the bank stmt, we don’t often have the BAS info that is on the form, so it is easier to enter the transaction to ATO Liability and later balance it back to the actual BAS due – like a clearing account.
Often I need to enter some BAS statement amounts to clear out the ATO Liability accounts for the year/period – I still often need to do some final tidy-up before giving books to the accountant!
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