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BAS Payment

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    Posted: 25-Feb-2011 at 02:41

In order to process a BAS Payment we first need to figure out GST Collected and GST Credit amounts for the BAS period. For Accrual or Cash basis BAS calculation you need to run 2 different sets of reports.

Accrual Basis:

1.       In the trading side, go to Report, Trading & Pos and then GST Summary for BAS run this report for the BAS period.

2.       Then you go to the GL Reports and run GL Payments Summary – GST and GL Receipts GST for the same date range.

3.       Add the GST Collected and GST Credit amounts from these 3 reports for the total figures.

 

Cash Basis:

1.       In the trading side, go to Reports, Transaction. You will find 3 reports there: GST Payment Listing, GST Receipts Listing and GST Invoice Listing all Cash Basis.

You have to run all 3 reports for BAS Period.

2.       Then you go to the GL Reports and Run GL Payments Summary – GST and GL Receipts GST for the same date range.

3.       Add the GST from Invoice Listing and Receipts Listing from the Trading side together with the Receipts Listing from the GL to get the GST Collected amount.

4.       Add the GST from Payment report from the Trading side with the Payment report from the GL to get the GST Credit amount.


 Once you have the total GST Collected and GST Credit amount:

1.       Go to the GL and GLedger screen bring up the GST Payable (2900) GL code and if you look at the transaction for the BAS period the total should match to your calculated GST Collected amount.

2.       On GLedger screen bring up the GST Credit (1900) GL code and click on Trans F5 and look at the transaction for the BAS period and the total should match your calculated GST Credit amount.

3.       At this point, process a Journal Crediting the GST Credit GL code and Debiting the GST Payable GL Code for the GST Credit calculated amount. This should bring the GST Credit GL Code to a ‘0’ balance and leave the difference between GST Collected and GST Credit in the GST Payable GL Code.

4.        You then simply pay the amount left in GST Payable to the ATO using Pay General.

5.       We recommend that you process a payment dated at the Last Date of the BAS period from the GST Payable account into a Suspense Bank account.  And then when you are actually paying ATO process a payment from the Suspense Bank account into your Business Bank account.

 

If you follow this procedure your GST GL Codes gets cleared up at the end of each BAS period and makes it easy for you to process the next BAS payment.

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