Reconciling GST Account

Question

Hi,I have my BAS reporting as cash in the setup. I have entered an invoice in July that was only part paid in August.&nbsp; When I attempt to reconcile the GST Paid account - it is out by the partial payment amount b/c in the reconciliation the only amount that appears is the total GST amount of the total invoice not the GST amount of only the amount paid.&nbsp; Does that make sense??&nbsp; Does this mean I can't reconcile this account until the total invoice has been paid? Even though it is going to be paid in instalments?Thanks for your help.

jenny73 · Answer

Thank you for your reply Princess.&nbsp; My system is set to cash basis reporting so I will reach out to the support team for more assistance.&nbsp;&nbsp;Thanks again,Jenny

princess_r · Answer

Hi Jenny73,
&nbsp;
When you set up your BAS reporting on a cash basis, GST gets recognized when you make payments, not when you issue invoices. So, for invoices that are only partially paid, only the GST for the amount paid will be recognized. In your case, since the invoice was issued in July and partially paid in August, the GST reconciliation will only show the GST for the payment made in August. The rest of the GST will be recognized as you make more payments.
&nbsp;
You can reconcile based on these partial payments and don’t need to wait until the whole invoice is paid. If your reconciliation is showing the total GST amount of the invoice instead of the partial payment, make sure your system settings are set up correctly for cash basis reporting. You might need to check the settings and reach out to our support team for more help. You can contact them via live chat with our virtual assistant MOCA or raise a support ticket through myaccount.myob.com.
&nbsp;
Cheers,
Princess

princess_r · Answer

Hi Jenny73,
&nbsp;
Feel free to reach out anytime, our support team is always ready to help. If you need assistance in the future, don't hesitate to start a new post. Have a great day!
&nbsp;
Cheers,
Princess

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Reconciling GST Account

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