Reconciling GST Control Accounts/ EOFY

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Experienced User Debbie111
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Reconciling GST Control Accounts/ EOFY

First EOFY in MYOB (Oh what fun)

 

Please will you advise the best way to reconcile my GST Control Accounts on a Cash Account.

 

I also have a $50 variance n the Receivables with Tax report which is resulting in the GST Collected Account in the ledger not balancing with the GST Collected amount shown on the balance sheet? (Not sure why though)?

 

Is there a journal entry that I can put through to correct this. It is honestly going to cost more in time and effort to locate the error (We have tried through the recommendations in receive money/ receive payments etc).

 

2. What other checks / balance should I do as a EOFY control measure.

 

3. Can I still enter transactions as though they occured on the 30th June (Ie.. credit adjustments)

 

4. Are there reports that I will not be able to print after we roll over and if so which ones.

 

Thanks - I know I have a lot of questions but as I am new not certain if they should go in one post or an separate ones?

 

Happy New FY. :-)

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Ultimate Partner DuncanS
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Re: Reconciling GST Control Accounts/ EOFY

@Debbie111 @Neil_M

 

Debbie,

 

It is important not to rollover the FY until the Tax Return and Financial Statements have been prepared by the Tax Accountant and adjusting entries prepared.

 

MYOB and other do put out EOFY Procedures.

 

My FY BAS Reconciliation was included on another post this week.

Maybe MYOB could find it for you.

 

If you registered for GST and doing your own BAS, it would good  if the Tax Accountant had involvement in preparing the Q4 BAS. As a Tax Accountant, I always recommend that I lodge their quarterly BAS for them but I acknowledge that each business is different and each Tax Accountant is different.

I do like to know each month/quarter how my clients businesses are going..

 

It may be that you have a BAS Agent who assists you with your quarterly BAS.

Even if this is the case, I believe your Tax Accountant should prepare a FY BAS Reconciliation or at the very least review one.

 

Hope this helps.

 

Duncan

Duncan Smith
Business Advice + Tax
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E expressgst@optusnet.com.au T 02 9904 3672 7 days
Experienced User Debbie111
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Re: Reconciling GST Control Accounts/ EOFY

Seattle

 @
 
Thank yoiu for your helpful advice. Will definitely follow your recommendations re our tax accountant reviewing our books.
 
I am tring to put together as much prework prior to sending him all the information. I have managed to locate the BAS/GST checklist which is a great start, however I am unable to locate an actual worksheet reconcilation.
 
Perhaps @Neil_M can assist it this regard, or advise the best way to conduct effective searches on this forum.
 
TIA
Ultimate Partner ronatbas
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Re: Reconciling GST Control Accounts/ EOFY

@Debbie111 @DuncanS

 I totally concur with everything that Duncan has noted but can I point out somerthing. Hasten slowly, I don't believe that you have entered all of the bills dated 30/6 that your company is going to receive over the coming days. The EOFY is important for sales income but there is also a need to recognize expenses that have been incurred in the financial year.

As an aside - your accountant will tell you when they need the file - their earliest reporting date is end September. 

Ron B
BAS Group
03 95588477

info@basgroup.com.au
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Re: Reconciling GST Control Accounts/ EOFY

@Debbie111 @ronatbas @Neil_M

 

Debbie,

 

I start doing Company Tax Returns at the end of August.

I wait until the Directors Salary appears on their Pre-Filling Report.

This also corresponds with the end of the Q4 BAS lodging.

 

My recommendation to business owners is to lodge the Tax Return as early as possible after the end of August.

This allows MYOB to be rolled over and comparison reports prepared.

It also enables refunds to be paid and planning of tax debts as the debt itself is not due for payment until March of the following year.

Every Tax Accountant always has Business Owners who want to lodge in April or May some 10 or 11 months after the end of the FY.

 

Hopefully, MYOB can find the post with my FY BAS Reconciliation.

This Reconciliation enables comparison of the Company Income Tax (PAYG - I) paid during the year to the expected income tax liability for the FY. A Refund may be claimed in Q4 BAS rather than wait for the refund following lodgement of the Company Tax Return 

 

As a Tax Accountant, I offer ongoing business advice to clients during a FY - there is always business/tax planning to undertake. In my view, Forward Planning is always paramount

 

Duncan

Duncan Smith
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Re: Reconciling GST Control Accounts/ EOFY

@Debbie111 @Neil_M

 

Debbie,

 

I have found the post - the thread is called BAS Reconciliation Worksheets.

 

Have a look and let me know.

 

Duncan

Duncan Smith
Business Advice + Tax
Helping business owners build a better business since 1998
E expressgst@optusnet.com.au T 02 9904 3672 7 days
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