Hi,
Currently using version 21.8.53 but this issue has existed in previous versions.
The issue is that the BAS report figures are dramatically lower than what they really should be. To demonstrate, I specified the period in the summary page to match the BAS period and the figures come up as follows:
Can anyone tell me why there is such differences?
One explanation would be that you do not have tax code set on your transactions.
Check Tax Audit report for the same period which splits all your transactions by tax code. This way you can see which are under no tax column.
OK, have a look at Tax Summary. It will explain why the figures on BAS are the way they are.
Basically, for simplicity reasons, Manager doesn’t have tax codes such as GST 10% on sales then GST 10% on purchases. It has just GST 10% and then using internal rules to determine whether transaction is a sale or purchase.
One or more of your transactions which are actually purchases are considered to be sales. Perhaps you have some journal entry which by default is sale transaction unless you set the right option in dropdown box.
So once you fix this, your Tax Summary and by extenstion the BAS report will be more accurate but it won’t change your Amount owing to ATO figure. That figure is correct either way.
Is there a problem with Expenses in the P&L? My Summary page shows Less Expenses and there is no negative (-) in front of the values.
You use Less Expenses properly and the Less equals the minus (-) sign, hence the values not having minus (-) in front of them.
You can edit the Expenses group in Settings/Chart of Accounts and change it to an Income group
This will make all the expenses appear with negative values
Did not know that! I think I’ll keep allocating mine as expenses???
There is no difference in how you allocate while entering transactions. The only difference is whether the expenses are displayed without minus signs (the usual practice in accounting to reduce clutter) or with minus signs. That is purely a personal preference.
Thanks Lubos,
The only reference I can see for Tax Summary is in the reports section which gives a few clues but I don’t think that’s the section I’m meant to be looking in.
Should I be looking in Chart of Accounts?
@Splint on tax summary, click on GST 10% figure under Net Sales column. This will show ledger for sales subject to GST 10%. There will be some purchase among those sales. You will see it because it will be a negative figure (the sales are positive unless they are refunded sales).
Thanks Lubos,
Rather than listing expenses as income it’s not including all of the income. It’s listing all of the cash deposits I make at the bank but it’s not listing credit card payments which are deposited in my back by the credit card payment company.
The following image is one of a group of receipts which does not appear in the tax summary.
The only way for Receipt transaction to be categorized as purchase rather than sale is if Receipt transaction is from supplier. Can you show Edit screen for the receipt that doesn’t show in GST sales?
