BAS and Cash Accounting
I use cash accounting and in Accountedge I used to issue orders and convert them to invoices on the date payment was received, editing the issue date to match payment date. When preparing my BAS, there were no unpaid invoices, only orders, which were ignored by BASLink
In MYOB Business Lite there are no orders so I issue invoices and edit the issue date when payment is received, like I did in Accountedge.
I'm about to prepare my first BAS with Business Lite and would like to know, if I select Cash as the accounting method, will BASLink ignore unpaid invoices, or do I need to edit their issue date to be later than the end of the quarter?
Hi SteveB0000,
In MYOB Business Lite, if you select Cash as the accounting method, BASLink will ignore unpaid invoices when preparing your BAS. This means you do not need to edit the issue date of the invoices to be later than the end of the quarter. The cash accounting method ensures that only payments actually received are considered for BAS reporting, aligning with your previous practice in AccountEdge.
I hope this helps!
Regards,
Earl
