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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.
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.
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.
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.
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
July - last edited July
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.