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I have come across a major problem with the BAS and would prefer some advice.
I had previously being carrying out my bookkeeping myself until the 2nd quarter BAS was due. After that I handed over my bookkeeping to a third party. And on lodging the 3rd quarter BAS and as the final year BAS reconciliation was done, certain issues were identified.
I had changed my BAS reporting method and accounting method from accruals to cash basis in the 2nd quarter. Will this be an issue.
Also as a third party was handling my accounts and as I had more time in my hands, I requested all my transactions for the previous quarters to be re-done and error free and wanted certain new transactions to be recorded such as a savings account I had been maintaining and other sales and purchases to another entity which were previously not recorded. Therefore my accounts after the change would reflect accurately my business situation unlike what I previously reported.
This has changed my BAS for the first two quarters considerably. Could I please get some advice on what should be done to rectify this?
Solved! Go to Solution.
It is likely the changes as you have identified below would have impacted your GST and will no longer balance to previous BAS returns.
I am presuming the third party you had appointed is no longer doing your books, if they are still doing your books and they are a qualified BAS or TAX agent they should be able to answer your queries directly?
Otherwise I would suggest you engage a MYOB Partner in your local area who is a qualified TAX or BAS agent to review your file and amend your BAS returns if required or alternatively contact your accountant.