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

Entering BAS payment with DGST in one transaction

Hi All I usually enter my bas through spend money which is pretty easy except I am constantly forgetting to add the DGST (Deferred GST on imported goods) amount to the DGST Liability account. The ot...
  • Steven_M's avatar
    Steven_M
    6 years ago

    Hi TTASK 

     

    I would recommend speaking to an accountant in regards to the account and reporting requirements implications of recording that journal entry

     

    From an AccountRight point of view, ideally, the only time that you should be directly recording a transaction to the linked tax collected and tax paid accounts is when you record a payment (or credit) to the ATO.  Outside of that, it can lead to differences with GST Reports and reconciliation.

     

    It should be also noted that as the GST reports and BASLink will look at that tax code involved in the transactions, not the linked tax collected and tax paid accounts. For example, rather use the GST code on an transaction you added another line to associate the GST amount to the GST paid, this value will not appear in the GST Report and BASLink as it would be looking at the tax code of that transactions, not the accounts involved.

Steven_M's avatar
Steven_M
Former Staff
6 years ago

Hi TTASK 

 

I would recommend speaking to an accountant in regards to the account and reporting requirements implications of recording that journal entry

 

From an AccountRight point of view, ideally, the only time that you should be directly recording a transaction to the linked tax collected and tax paid accounts is when you record a payment (or credit) to the ATO.  Outside of that, it can lead to differences with GST Reports and reconciliation.

 

It should be also noted that as the GST reports and BASLink will look at that tax code involved in the transactions, not the linked tax collected and tax paid accounts. For example, rather use the GST code on an transaction you added another line to associate the GST amount to the GST paid, this value will not appear in the GST Report and BASLink as it would be looking at the tax code of that transactions, not the accounts involved.

TTASK's avatar
TTASK
Experienced Cover User
6 years ago

It should be also noted that as the GST reports and BASLink will look at that tax code involved in the transactions, not the linked tax collected and tax paid accounts. 

Awesome! that above pretty much answers my question. I'll make sure I do it the old way. 

 

Thanks

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