Reconciling GST Account
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. When I attempt to reconcile the GST Paid account - it is out by the partial pa...
Forum Discussion
Hi Jenny73,
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.
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.
Cheers,
Princess
