Cash GST paid balance
Hi all,
This has me beat. I am not even sure where to begin explaining the issue, but here goes.
I recently completed my April to June BAS reporting method cash. Part of my usual process includes...
Forum Discussion
Hi Jennifer71,
Thanks for the detailed breakdown, sounds like you've already done a lot of the right checks. If the accrual reports still match your BAS but a GST balance has appeared on the cash balance sheet, it's likely how one of those credit notes was applied, especially since it relates to an opening balance transaction. Credit notes applied to historical or non-standard purchases can behave differently under cash reporting, triggering unexpected GST movements. You can also visit this help pages that will give you more information about this.
Goods and Services Tax (GST): What is it and how to calculate it
GST/Tax reports
Creating purchase returns and debits
You can also reach out to our team so they can dig deeper into this. You can reach them on Live Chat via our virtual assistant, MOCA or by submitting a support case via MyAccount.
Regards,
Earl
Thanks Earl. Sorry for the delay in responding. :)
Not solved yet can't work it out. Next BAS due and still an out of balance amount. Contacting support to look into it for me.
Hi Earl,
Thought I would provide an update for you about the issue I posted about a few month ago, just in case anyone else comes across this same sort of thing.
I didn't end up contacting MYOB but kept thinking about the issue. I still don't know what happened or the cause but I did work out a fix.
I ended up changing the tax code in the credit note to N-T, and cleared the original purchase. Then created a journal on same date to reverse the N-T tax code and re-code to GST. Balance sheet GST accounts now back in balance in both cash and accrual versions. GST reports correct, BAS still correct.
Thanks for your original reply, It got me thinking...
Regards
Jennifer
Hi Jennifer71,
Thanks for sharing how you solved it. Great to hear your GST reports and BAS are all correct now. That N‑T to GST workaround is tidy, and this will really help others who run into the same issue.
Cheers,
Princess
