As of 1st July I’ve moved one of my companies to Manager.
I would like to know what journal entries or configuration I should enter in consideration of an existing BAS liability which was incurred as at the last tax quarter but is payable in this new quarter.
Is there a way to enter an opening balance in the “Tax Liailibities” account or similar? I’m not sure how this ties in with the account that GST is reported into.
You should set start date under Settings to July 1st, 2015 then set up opening balances for all your accounts. Opening balance for tax liabilities is set the same way as for any other general ledger account.
See: Manager Cloud
I can’t see a Tax Liabilities account in there. Do I create it? If so, what under?
It’s called ‘Tax payable’. I did not have to manually create this. It was just there in the Chart of Accounts (presumably because I have set up GST tax codes in settings).
Does this account include any PAYG Liabilities which form part of the BAS?
@mattyh, how do you record PAYG liabilities from now on? Using third-party payroll program and making journal entries in Manager or are you managing payroll from Manager using Payslips tab?
I have copied all the records from the Payroll Software into Manager’s Payslips feature
I have actually now set up two accounts “PAYG” and “Super” but I wonder what account GST goes into.
There is a control account called Tax payable which you can rename to GST payable.