Balance Sheet does not balance to GST collected account

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Contributing Cover User NF67
6 Posts
Contributing Cover User
Australia

Balance Sheet does not balance to GST collected account

Hi,

Just started the BAS for Q4 and the GST collected figure is out $780 to the GST summary report? I have not had this issue before new to this.

Any advise on where I can start to find the variance would be greatly appreciated.

 

Thanks Nancy

10 REPLIES
Ultimate Partner ronatbas
3,851 Posts
Ultimate Partner
Australia

Re: Balance Sheet does not balance to GST collected account

@NF67

 

How have you established the GST Collected Summary figure?  if you have used the Cash Basis it is very unlikely to be equal to the Balance Sheet as this reports all GST entered for the period. Have a look at the Accrual basis report if you wish to match one to the other.

 

 

Ron B
BAS Group
03 95588477

info@basgroup.com.au
Making MYOB work for you
Ultimate Partner AlanT
805 Posts
Ultimate Partner
Australia

Re: Balance Sheet does not balance to GST collected account

Hi @NF67,

 

Could you please confirm the following:

 

Is the GST report Cash mode or Accrual Mode?

 

Many SMEs report GST on a Cash basis, but their Balance Sheet is Accrual basis.

 

Let us know if you have already checked this.

 

Regards,

 

Alan

Contributing Cover User NF67
6 Posts
Contributing Cover User
Australia

Re: Balance Sheet does not balance to GST collected account

The report I use is accrual.

Contributing Cover User NF67
6 Posts
Contributing Cover User
Australia

Re: Balance Sheet does not balance to GST collected account

It os the accrual report yes.

Ultimate Partner ronatbas
3,851 Posts
Ultimate Partner
Australia

Re: Balance Sheet does not balance to GST collected account

@NF67

Unless you have reversed the GST paid in previous periods the amount on the balance sheet will be a total of GST collected since the last reversal. There are various methods of managing BAS payments but we are now of the view that these should be moved to a liability account and reversed at year end to the appropriate GST/PAYG/PAYGI accounts. 

If you wish to see the figure for Q4 will will need to drill down into the account, this will bring up the GST collected for the financial year,  set the date range for Q4.

Ron B
BAS Group
03 95588477

info@basgroup.com.au
Making MYOB work for you
Contributing Cover User NF67
6 Posts
Contributing Cover User
Australia

Re: Balance Sheet does not balance to GST collected account

Hi Ron,

 

Do you mean drill down from the balance sheet or the GST summary report?

 

Thanks

Nancy

Ultimate Partner ronatbas
3,851 Posts
Ultimate Partner
Australia

Re: Balance Sheet does not balance to GST collected account

@NF67 @AlanT

 

Sorry  i should have said balance sheet. It draws its figures from the GST Detail Report.

Ron B
BAS Group
03 95588477

info@basgroup.com.au
Making MYOB work for you
Contributing Cover User NF67
6 Posts
Contributing Cover User
Australia

Re: Balance Sheet does not balance to GST collected account

Thanks. if it draws the figures from there why would they differ?

The balance sheet at 30.6.17 is different to the GST report 1/4/17 - 30/6/17

Ultimate Partner ronatbas
3,851 Posts
Ultimate Partner
Australia

Re: Balance Sheet does not balance to GST collected account

@NF67

 

As i mentioned earlier the balance sheet has figures from earlier periods, notionally from the last time the GST was reversed by the BAS payment. how have you recorded previous BAS payments? If you did not reverse against the GST accounts then the balance sheet will represent GST collected over multiple periods.

 

Ron B
BAS Group
03 95588477

info@basgroup.com.au
Making MYOB work for you
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