Good Morning team,
I have been looking around the forum for answers but I couldn’t find anything applicable to my situation.
It’s a fresh business with just three BAS cycles all up. It’s worth mansion I am on a cash basis.
I would like to clear my TAX PAYABLE account to the end of March (last Bas quarter). Clearing tax payable account should provide me accurate figures each BAS cycle of liabilities or refund being displayed on a main login page of my desktop version. It’s easier than creating actual report.
My last BAS payment I have entered by going to the cash accounts and spend money: screen print below.
But I have just now noticed outcome of this entry – screen print below.
Shouldn’t my payment of $178 take the GST balance to ($200.93 less $178 =) $22.93?
(as I mentioned I have not cleared this account before therefor we have carry over balance).
Second question is refering to clearing procedure.
As of end of March my TAX PAYABLE account display fallowing positions. I have market red line last entry for March q.
To clear my TAX PAYABLE account as of 31 March should I create general journal entry as showed below or is there a better way of doing this?
Thanks guys (and girls)