Tax transactions report by payment date instead of by issue date

Can someone please help me with some reporting? Unlike the the GST Calculation Worksheet for BAS Report, the Tax Transactions report issues the transaction by issue date. Is it possible to create tax transactions report by payment date instead of by issue date. This is because the Tax is actually collected when the invoice is paid not when it is issued.

In fact the total sales (including any GST) on the BAS report show correctly whereas the total sales on the Transactions show all issued invoices within the specified period even if they still haven’t been paid.

Your help is very much appreciated.

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If you’re using accrual basis accounting, tax is reckoned as of sales invoice issue date, not collection date. You are considered to have sold the taxable goods or services at that time.

Thank you for clarifying… Is there a way to create a custom report to show the transactions by paid date?


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What if you are in a tax regime that is cash based but your accounting is by competence?

It’s not my case but in Italy is possible for small companies. I think that the report should be more flexible.

The idea is to be able to easily check the BAS report against a detailed tax report based on tax collected for that quarter. One has to keep in mind that sometimes one has to write-off an invoice if unable to recover that money.

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The Italian regime that I was describing was made to solve this issue. You emit the invoice, you pay the VAT to the tax authority and the customer doesn’t pay you.

Well, that depends on the local tax law. I don’t actually know of a regime where this is the case, but there might be some.

If a write-off occurs, the tax will be reconciled in the period when the write-off happens.

Bad luck. Would have been good to create a custom query to generate such a report. Thank you all for your help.

I figured out what I had to do… edit the report to cash based before running it… I totally missed the point. I thought I had to setup the financial year to cash based not just the report. Thanks again for helping out.
Regards, Lonzu_65