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SMM's avatar
SMM
Experienced Cover User
6 years ago
Solved

GST Paid doesn't match Balance Sheet

Hi My GST Paid report (cash) report is different to my Balance Sheet figure as at 30.6.18. It's a small difference of $12.08 There is no tax on outstanding creditors - everything is paid via Spend $ P...
  • Steven_M's avatar
    Steven_M
    6 years ago

    Hi SMM

     

    So, in theory, assuming all transactions were recorded as Spend Money transactions (which record the payment at the time of recording the transaction) you could run the General Ledger Detail report for that particular account. You could compare this with the GST [Detail - Cash] for the same period and identify transactions that are not recorded in the General Ledger Detail report that are in the GST Detail report or vice versa.

     

    Although, it should be noted that you are comparing an accrual basis and a cash basis reports so you are comparing two different accounting method based report. As such other considerations do need to be taken into account for example transactions recorded outside of the period that are impacting the account balance.

Steven_M's avatar
Steven_M
Former Staff
6 years ago

Hi SMM

 

You mentioned that the GST report you are using is a cash-based report, the Balance Sheet report is an accrual-based report. As these are two different accounting methods you are likely going to find a difference in values as it is like you are comparing apples and oranges.

  • SMM's avatar
    SMM
    Experienced Cover User
    6 years ago

    Thanks Steven. I'm aware of that. As I said though, we only use spend Money to pay bills. So the 2 figures should match.

    • Steven_M's avatar
      Steven_M
      Former Staff
      6 years ago

      Hi SMM

       

      So, in theory, assuming all transactions were recorded as Spend Money transactions (which record the payment at the time of recording the transaction) you could run the General Ledger Detail report for that particular account. You could compare this with the GST [Detail - Cash] for the same period and identify transactions that are not recorded in the General Ledger Detail report that are in the GST Detail report or vice versa.

       

      Although, it should be noted that you are comparing an accrual basis and a cash basis reports so you are comparing two different accounting method based report. As such other considerations do need to be taken into account for example transactions recorded outside of the period that are impacting the account balance.

      • SMM's avatar
        SMM
        Experienced Cover User
        6 years ago

        Thanks Steven. I'll give that a go.