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I have completed the end of quarter/bas tasks and the accountant has locked the period jan to march. Today I have checked the statement from a supplier who we have an ongoing account with and Ive seen I have missed some invoices that I should have uploaded to myob in jan to march. Should I unlock the period and add them or just add them in the next quarter with an adjusted date outside of the locked period? I am new to myob and bookkeeping. Thanks very much,
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My advice would be to contact the Accountant and explain what you have done. It will depend on if the BAS is accrual or cash basis. As a general rule, I don't unlock the period without consultation with the accountant and if you have to enter in the next period dated the 1st of the period. i.e. 1/04/201X
Hope this helps,
Further to Renae's comments, it appears the Tax Accountant has lodged the BAS for January - March and locked the period.
No further transactions should be entered prior to 31 March.
I would use the method suggested by Renae of 01 April.
One of the essential checks in preparing a BAS is to agree the GST Report/BAS prepared by the Software to the GST Accounts on the Balance Sheet. This will assist in locating any transactions that may have been entered in a period where the BAS has been finalised.
I use the Tax Agent Portal to lodge BAS on behalf of clients and thus can enter the figures rather than rely on any BAS provided by Software. It would be interesting for you to determine how your Tax Accountant lodges a BAS.
Once lodged, I give the client a copy of the BAS from the Portal which now has the BPay details on it alongwith a copy of the ATO Integrated Client Account (ICA). The ATO ICA shows the amount owing to the ATO.
Some clients use the Business Portal to lodge whilst I am onsite - once again we printout the BAS and the ATO ICA.
Hope this helps
Yep..... call me old school @DuncanS I use the reports GST reports as well too when lodging the BAS. If anything I might use the software in combination with the reports just to compare and make sure they match.