Can I do a BAS for a quarter more than a year after the "current MYOB year"

Experienced Cover User Gillies3
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Can I do a BAS for a quarter more than a year after the "current MYOB year"

We have an issue which has prevented us from closing off our 30/6/16 financial year in MYOB so my "current year" is still the year ended 30/6/16. I am now preparing my BAS for the quarter ended 30/6/17 which is the last quarter in the "next year" which is fine. However, with no FY16 close off in immediate sight it will soon come October when I will have to do the first FY18 BAS for the September quarter.

 

My question is how do I do this as MYOB has no option to go more than a year beyond the current year?

 

The only thing I can think of is to close off FY16 even though it is not finished. Once I get the year end entries for FY16 I'll put them into my backup FY16 file, get the final balances of all accounts and then input these manually as the opening balances for FY17 which I will continue with as this will have all entries for the current FY18 year.

 

Are there any other ways to cope with this?

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MYOB Moderator Steven_M
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Re: Can I do a BAS for a quarter more than a year after the "current MYOB year"

Hi @Gillies3

 

AccountRight will only allow you to produce BAS (and certain reports) for the current and next financial year that your company file is in. You can see the financial year your company file is in via Setup>>Company Information.

 

 

In your situation, where you are still running a bit behind (which is acceptable) and do need to produce your BAS for the current quarter, I would be at the time required to start reporting take a backup of the current company file (File>>Back up). Once that backup has been taken, select to restore that backup (File>>Restore) and ensure that you are restoring file locally with a different name. You would then closes the financial year in that restored file and complete your required reporting. When that has been completed you would go back to the 'current' company file and continue to work as per normal.

 

Another way you could cope with it and it does depend on what is preventing you from closing that year is close the financial year in the current company file, do your reporting and then roll back into the closed financial year (File>>Close a year>>Roll back a year) to enter the necessary transactions. This is a method that I would encourage you to speak to an accountant about before as you can only add new transactions into that closed year not edit or delete transactions. 

Do note that this method would only be available for clients on the AccountRight 201x range.


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Steven
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Re: Can I do a BAS for a quarter more than a year after the "current MYOB year"

@Gillies3 @Steven_M

 

I understand the last day to lodge a 2016 Tax Return was 15 May 2017.

Due to ATO Portal downage during FY17, I understand that the ATO is not issuing Failure to Lodge Penalties for 2016 Tax Returns until 31 August.

 

The ATO will often bring forward the lodgement date to 31 October if the prior year is lodged late.

 

I would ask your Tax Accountant to lodge your July - September 2017 BAS if the need arises.

 

Duncan

Duncan Smith
Business Advice + Tax
www.businessadviceplustax.com.au
Helping business owners build a better business since 1998
E expressgst@optusnet.com.au T 02 9904 3672 7 days
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Super Partner Kym__Yeoward
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Re: Can I do a BAS for a quarter more than a year after the "current MYOB year"

Apart from @Steven_M's comments, another approach is:

 

(1) Go to Set-up - Company information - BAS Info and find whether your BAS Statement settings are Accrual or Cash (most small businesses are Cash).

 

(2) Print the GST Summary - Accrual or GST Summary - Cash report, depending on your setting from (1) above.

This will give you your Total Sales (G1), GST Collected (1A) and GST Paid (1B) figures (round them down)

 

(3) Print your Payroll Activity Summary for the last month of that quarter.

This will show your Taxable Salaries & Wages (per W1) and PAYG Withheld (per W2)

(again, round down)

 

Then log-on to the ATO Business Portal, find your BAS Statement and enter the above figures.

(Note: You may also need to include any off-road Fuel Tax Credits and PAYG Instalments if these apply to you).

 

Note: Unfortunately this situation can occur fairly commonly, where a business is nearing the end of the financial year and their tax accountant still hasn't finished the year-end adjustments for the previous year (preventing the file from being roll-forward), For example, if the 2015-16 year still can't be closed, you won't be able to use BASKLink for the September Quarter 2017 BAS and will instead need the alternative approach.

 

Solution: Keep in touch regularly with your tax accountant and ensure that all year-end adjustment journals are sent to you by no later than March in the following year (that is, when the business tax return has been lodged). Better still, get him/her to key them in, with an Adviser log-in (having a "period 13" option is handy for this).

 

Note for Moderator:

I had trouble posting this reply in my usual browser - Microsoft Edge - as it's been giving me "Authentication Failed" messages when I've tried to save posts, during the past week. Had to switch to Google Chrome to make this post. 

 

Kym Yeoward

Palmerston NT (near Darwin)

Experienced Cover User Gillies3
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Re: Can I do a BAS for a quarter more than a year after the "current MYOB year"

Thank you Kym, just tried it and it worked a treat!

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Re: Can I do a BAS for a quarter more than a year after the "current MYOB year"

@Gillies3 @Steven_M @Kym__Yeoward

 

Gillies,

 

I agree with Kym's methodology.

The difficulty being that some of the checks and balances that I undertake are not able to be undertaken.

By example, the GST and PAYG - W cannot be agreed to the Balance Sheet

 

I also agree with Kym that a Company Director and Tax Accountant should talk often to enable a good understanding of the Company's Affairs and deadlines to be met.

 

Some people talk about End of Financial Year Tax Planning - I believe it should be Beginning of Financial Year Tax Planning. Tax Planning should occur continually during a Financial Year.

I understand that some Tax Accountants might not even undertake End of Financial Year Tax Planning.

Happy to hear your thoughts.

 

Duncan 

Duncan Smith
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www.businessadviceplustax.com.au
Helping business owners build a better business since 1998
E expressgst@optusnet.com.au T 02 9904 3672 7 days
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Re: Can I do a BAS for a quarter more than a year after the "current MYOB year"

Hint: If you are running a June Quarter BAS, at the end of the financial year, after you run the June quarter Payroll Activity Summary, but before you lodge your BAS, there are 3 payroll reports that you need to check.

 

To check that your payroll year figures are correct and match your payment summaries, run:

- Payroll Activity summary for 1/7 to 30/6

- Payroll Register summary for 1/7 to 30/6

- In Prepare Payment Summaries - step 8 Verify Your Payroll Information, run the Verification Report.

Then check that the Totals for Wages and Taxes match on all 3 reports.

 

Note: The data for the Activity Summary comes from the payslips raised during the year, whilst the data on the Register Summary comes from the monthly Pay History fields on the employee cards - and goes into the Payment Summary.

 

The monthly Pay History fields can be manually edited - a handy feature when the Payroll module is set-up during the year, because you you can manually enter the monthly figures from the old system, up to the month before you started using your AccountRight Payroll - AR will then show the correct figures at the payroll year end.

 

However, in normal use, AccountRight's ability to manually edit the monthly Pay History figures can open your records to potential misuse.

 

I therefore reommend cross-checking the Payroll ActivitySummary and Register Summary totals for the pay year, before running the payment summaries and closing the pay year. (I's a good idea to also cross-check them each month, during the year).

 

If there are any differences, they can be found by finding those employees with differnces, then printing each month's Activity Summary and Register Summary, until you find the month/s with differences.

Then it's a matter of finding which manual adjustments were entered to the Pay History figures, who entered them and why. A common reason is that the employee was paid for something outside the payroll - such as a commission or bonus - and the History record was edited, to record the extra gross and tax.

This approach should be avoided - all payroll items should go through the payroll.

 

Kym Y

Darwin (Palmerston) NT

 

 

 

 

 

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