Change GST Accounting Method in AccountRight Plus

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Change GST Accounting Method in AccountRight Plus

Would somebody please tell me how can I change my GST liability accounts (GST collected and GST paid accounts) to cash basis in MYOB AccountRight plus? We report BAS to ATO on cash basis but our MYOB GST liability accounts are on accrual basis so the GST accounts balance in MYOB is always not reconciled with our BAS. I tried to call MYOB help line for 2 hours and nobody knows the answer. I would appreciate if I can get some expert advice here. Many Thanks!

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Re: Change GST Accounting Method in AccountRight Plus

Setup tab

Company Information option

BAS Info button top left (All options are here)

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Re: Change GST Accounting Method in AccountRight Plus

Thanks for your reply Sarah,  BAS info button is always set up as cash basis but the GST liability accounts are still on accrual basis. 

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Re: Change GST Accounting Method in AccountRight Plus

2.pngHi Sarah, this is the BAS link set up

 

 

 

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Re: Change GST Accounting Method in AccountRight Plus

Hi Sarah, this is my BAS link set up:

3.jpg

 

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Re: Change GST Accounting Method in AccountRight Plus

Hi @Abbyatmel 

 

From an AccountRight report perspective, the system doesn't have a user-designated method for GST accounting method. The system will run off a hybrid system where it is up to the user to select the correct report to how they wish to display their values. For example, to display GST on an Accrual basis with reports you would be looking at the GST [Summary - Accrual] and GST [Detial - Accrual]. If its a Cash basis you are after GST [Summary - Cash] and GST [Detial - Cash] reports would be the ones you are looking at. With respect to actually preparing your BAS/IAS statement, you want to use the BAS Info settings that @sarah_ark  has hinted with their earlier post.

 

On the accounting front i.e. the accounts, the system is designed to be run on an accrual basis. So when you record a transaction that is when the accounts are impacted and thus this is when AccountRight will show that impact. 

 

If you are referring to changing accounting basis, Help Article: Changing your accounting basis would be able to assist with that process. However, it would be best to speak to an accountant in relation to that as well.

Kind regards,
Steven

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Re: Change GST Accounting Method in AccountRight Plus

Hi Steven,

 

Thank you very much for your detailed interpretation for my question.  Since the account system is designed for accrual basis, the only way I can resolve this issue is to record my invoices according to the payment date not the actual invoice date. I really appreciate your expert help and actually my first thought is also the balance on the account list is originally designed on accrual basis. I just want to confirm with an expert like you so I can change my transaction dates to fix the problem in the new financial year. I have no issue with the GST reporting perspective. Thanks again for your help and you are awesome!

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