Julie_A_C
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Re: Allocate net GST paid amount
hiZoey667 when you lodge a BAS or IAS is is always best to do an entry from a liability account called ATO Integrated Client Account (with the account type of credit card). This will become very helpful if you ever need to set up a payment plan with the ATO. When you do the BAS or IAS, you spend, or receive (if getting a refund) to that account. The total amount spent wiil be what is due. Lets say $10,000. This is made up of $20,000 GST collected, $10,000 GST paid, PAYGW of $2,000 and a fuel tax credit being claimed of $2,000. Your allocation there is GST Collected liability account $20,000 GST paid liability account -$10,000 PAYG payable liability account $2,000 Fuel Tax credit income account -$2,000 Then when the payment is made, whether two months worth or one month worth you allocate to the ATO integrated liabilty account. Like I said, very helpful if you made a plane to pay the $10,000 off at $1,000 a month. Each repayment reduces what the balance sheet says is owing to the ATO, and you reconcile that account as you do a bank amount, but manually, making sure to manually record any interest charged by the ato as an expense, and any interest mention as a remission as income.224Views0likes0CommentsRe: No tax free threshold not calculating
hiNEPTCelia_B I brought this to the attention of the ATO and the Tax board in 2020, that the formula they had put out there was now not working for software providers. In a 'nutshell', the ATO's reply was that the employee could make a payment arrangement for the tax bill! Go on to their online tax calulator and put an employee as getting $1,500 a week from one employer and see the tax. Then go and do $1,000 from employer claiming threshold and $500 from other not claiming and see what they add to. Then multiply that by 52 weeks if the year to see the shortfall an employee would have if they worked this all the time. Not good when the employee is hit with that, and they also thinks it is the employers' bad taxing. Not the ATO who is at fault.231Views0likes0CommentsRe: New credit card
hiAstrid159 Did it start at nil? You can't just enter it in opening balance on the card as that will then show in the balance sheet as historical balancing. You need to tell me how come this account started with a balance other than nil if it is a new credit card. Was it a private card one of the business owners was using for personal and has now decided to use for all business expenses? If so what is the structure of the business? Sole trader. partnership, Company or Trust?277Views0likes3CommentsRe: New credit card
HiAstrid159 It sounds like the old card was actually a debit card if you had to load money to it before using so that would have been in assets and account type would be bank. If this is a true credit card then it should be in liabilities and account type would be credit card. If you created it incorrectly in assets as a bank account and let's say you owe a $1,000 at the end of the statement period then you need to enter the bank balance as negative $1,000. The main way you would know if my reading of what you may have done wrong is to work out double the actual balance and if that is what you are out. The best thing though would to be creating the account in the correct section of the balance sheet (liabilities) and then going to each entry in the incorrect account, changing the pay from account or receive to account over to the new one you created and then reconciling. Remember to then go and make the incorrect account inactive or delete completely once you have got all entries into the new account. Let me know how you go, or if I have misunderstood your problem.313Views0likes5CommentsRe: Base Pay coming up as annual leave
HiLemaid13Princess_R You need to go to your payroll categories, entitlements then drill down on the annual leave accrual and look at what is the linked wages category and you will find that you have base hourly linked. It should be annual leave pay as well as unused annual leave (if you have that category. You will also find that you have done at lease one wage incorrectly that has already put this persona into the negative.258Views0likes0Comments