Journal entries without affecting BAS tax calculation

1

Hi M Forum

I’m entering a years worth of entries for FY16.
My company has been dormant for many years and has bought a franchise licence.
I need to bring into the books a transaction which I personally made prior to the new business opening a bank ac. In essence the transaction is a Loan from Shareholder, and the other side of the entry is goodwill. No Tax is applicable. When I do a journal entry dr shareholder Loan, cr goodwill (Asset) the transaction flows through to the BAS statement and show a no tax sale and no tax purchase. Maybe I’m doing the wrong journal… bu how do I do the journal without effecting the BAS reporting?

Neil

2

Then it should be credit Shareholder Loan and Debit Goodwill.
As for the Tax, make sure there is “no” tax code (blank) - don’t use a tax free code

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