I have a small issue with the calculations for the “GST Calculation Worksheet for BAS”.
The “GST Payable” liability account records transactions to the cent - as it should, but the BAS Statement I need to return to the Tax Office every 3 months just leaves off the cents. It doesn’t “round” the numbers, it just throws away anything less than $1 on every data entry field.
The nett result, is that once the Tax Office confirms the amount of either the refund or debt, it will be anywhere from a few cents to several dollars different from what the GST Payable account is holding. Over time these differences build up to become a small but significant sum. Over the last 12 months, my GST Payable account has built up $13.50 in additional GST credits that should have been refunded, but won’t ever be because the Tax Office didn’t count the cent portion of any relevant transaction amounts.
Is there / should there be a setting to control how these numbers are calculated. Also, as a carried forward negative tax liability, I’m not sure what to do with this sum? Do I just write it off as a bad debt?