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fiona12345's avatar
fiona12345
Contributing User
5 years ago
Solved

deposit paid

I have come across 3 deposits paid back in 2013 where the orders were never converted to purchases. Therefore the GST has never been claimed. Any ideas on how I can deal with this to get rid of the a...
  • DuncanS's avatar
    DuncanS
    5 years ago

    fiona12345 Neil_M 

     

    As an Accountant, I reconcile all Balance Sheet accounts every time a quarterly BAS is lodged.

    I also understand that a Tax Accountant should be reconciling every Balance Sheet account when preparing the Income Tax Return/Financials.

     

    It would be disturbing to me if there are Deposits on the Balance Sheet going back to 2013.

    Duncan 

Neil_M's avatar
Neil_M
Former Staff
5 years ago

Hi fiona12345 

 

Generally speaking if the orders were never converted to purchases, they would need to be converted to a purchase in order to have that transaction reflected within the accounts. As these orders would be dated 2013, the date would need to be amended to the current financial year in the file to be able to be recorded.

 

As an alternative you would be looking at using one or more journal entries, again which would be dated in the current financial year in the file. Do note that this would not impact the orders in any way as they would still remain open inside the file

  • DuncanS's avatar
    DuncanS
    Ultimate Partner
    5 years ago

    fiona12345 Neil_M 

     

    As an Accountant, I reconcile all Balance Sheet accounts every time a quarterly BAS is lodged.

    I also understand that a Tax Accountant should be reconciling every Balance Sheet account when preparing the Income Tax Return/Financials.

     

    It would be disturbing to me if there are Deposits on the Balance Sheet going back to 2013.

    Duncan 

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