I’m just starting to do my first BAS statement with a company we’re starting up (using the cloud edition) and when I go to run the BAS worksheet report it I get some inconsistencies (or more likely I’ve messed something up).
Here is my Tax Summary Report. You can see total purchases are $2768.47
You can see that it only captures $2645 and not the $2768.47. The Tax audit report seems to capture everything ok as well. It’s only the BAS worksheet whereby it doesn’t show purchases that have GST on them.
If anyone can shed any further light on what I’m doing wrong much appreciated.
Did you create new custom tax codes, named GST10% Purchases and GST 10% Sales? It is possible the GST Calculation Worksheet is not configured to access custom tax codes because they are generic and the GST Calculation Worksheet is only used in Australia. You can edit the GST codes applied to the transactions and select GST 10% then delete the tax codes you created. You only need to use the one tax code, GST 10%, for sales and purchases.
No the tax codes where already there from memory. However my memory is prone to failure at times
Will I still be able to differentiate between GST that I collect from Sales and GST that I collect from purchases if I use one tax code? The GST on Sales I need to withhold to pay the Government, however the GST on Purchases I need to track in order to get re-imbursed from the Government. (I’m no accountant so forgive the basic explanation)
But yes I see your point that the BAS report template may have some Australian centric calculation weirdness. But the tax summary and tax audit reports are accurate
The tax reports should do that, you don’t need separate accounts.
You can nett these two off into the one Tax Payable account. If the balance at the end of the quarter is in credit, pay the government. If in debit the government will reimburse.
At the end of each quarter you don’t make separate payments/reimbursements.
