I am currently processing my March Quarter BAS and am having some difficulties in balancing my GST Payable to the Business Activity Statement. I understand that this is due to the Cash Basis Adjustment figure. I have a purchase invoice that is paid by the month so I know that this is due to that. Previously I clicked on GST Payable on the summary sheet and was able to compare this to the Business Activity Statement to prepare my Payment/Receipt with some rounding taken into account. As there are two monthly payments processed after March, the Cash Basis Adjustment includes these figures. Is there a way that I can view what the Cash Basis Adjustment was at a certain date? Thanks
It is easier to create a cash basis balance sheet as at the date of the BAS quarter and match the liability on the cash basis balance sheet to the BAS. If your BAS payments are up to date the liability on the balance sheet should match your BAS except for rounding.
Thanks for the reply. I appreciate your help. BAS payments are up to date but I have some discrepancies that I need to work through.
So that I am 100% clear, should I be balancing to the GST Payable figure on the Balance sheet without the Cash Basis Adjustment (the figure in red circle) rather than the top GST Payable figure?
Thanks for your help.
The top GST payable figure.
The Tax Reconciliation report is also helpful when reconciling GST payable to the ATO Activity Statement Account balance.
Just been going through the same myself and I think you may be right.
I thought I’d figured it out but now I’m convinced the balance sheet is grabbing the wrong figure both in accrual and cash basis
@VACUUMDOG I am not able to reproduce your issue. If the Summary Page is set to a Cash Basis and the period specified is set to the same date as the quarter ending date of the BAS, the balance on the Summary Page matches the BAS.
Thanks Tony, I understand what that cash basis adjustment is doing now. Appreciate the help with this.
Ok, it seems that somehow my GST payable figure got stuffed up some time ago?? and it is pure coincidence that it is the same amount as the difference showing up now between the Summary and the BAS. What made it even harder to find is the fact that the GST payable at the moment was in the negative.
It looks like I might have it fixed now…I hope! The tax reconciliation helped.